In the last few months United Trust Bank’s Bridging Department has completed a number of multi million Pound portfolio refinances in excess of £5m.
One customer had a property portfolio worth in excess of £15m consisting of predominantly Central London residential properties as well as several properties in the South East of England including a country estate.
As is often the case with property portfolios, ownership structures vary significantly and can involve a combination of individuals, companies and trusts (for the latter two, both onshore and offshore). In this case the properties were owned by our customer in his own name as well as a UK company.
Accordingly, our customer required a flexible bank who could understand not only his ownership structure, but also the nature and outstanding costs of the refurbishment of some of the properties that had already commenced and who were willing to commit to the completion of the minor works for these projects.
As an experienced lender used to dealing with complex structures, UTB was able to dedicate the time and resource and bring the necessary bridging and development finance skills to the table to enable the refinance to take place within a relatively tight time frame of a few weeks.