UTB’s Structured Finance team were approached by an experienced developer who was seeking funding to refinance a recently completed 5 storey new build apartment block together with basement car parking located in a central city location.
The scheme comprises 34 apartments together with allocated parking which appeal to both investors and owner occupiers given its proximity to amenities and transport links.
The developer required a quick decision and draw down to avoid extension fees that would have been payable on the existing funding agreement. In this respect, the new loan was drawn within 9 working days of Credit Committee sanction allowing the Borrower to stabilise their investment ahead of any longer term plans for the building.
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