New relationship leads to UTB funding select development

The bank’s customer is an experienced contractor who has started undertaking development of detached houses in the £1 – £3m bracket in popular areas of West Sussex and Surrey.  To date all of the developer’s funding has been from a private investor however they now wished to begin a relationship with an established development lender.

The site, located on a sought after private estate, had already been purchased by the borrower and was unencumbered.  UTB agreed a facility of £540k to cover all of the build costs and rolled-up interest.  This is under 40% of GDV so had the borrower needed to clear a site loan we would have been happy to lend a higher amount.