UTB’s Development Finance team was approached to fund the redevelopment of a site that had been assembled from a variety of commercial buildings with planning subsequently agreed for a residential led mixed use scheme.
The borrower is an investment advisory firm focused on real estate which although new to UTB had a demonstrable track record of delivering successful development projects of a similar size and nature. The scheme will comprise a new seven storey building with 19 private apartments, 9 affordable apartments and ground and lower ground floor office space together with 2 adjoining houses.
Given the central location of the site then there were a number of challenges from the obvious party wall and rights to light through to complex groundworks with regards to basement excavations, the removal of two substantial storage tanks and bespoke engineering solutions relating to a Thames Water storm drain.
The Bank’s representatives visited the site in mid-June 2018 to appraise the project and meet the principals. The offer of funding was issued soon afterwards and with due diligence completed, the first tranche of the loan was drawn within 8 weeks of the initial meeting.
|Loan Type||Development Finance|