Post Planning Gain Refinance

United Trust Bank’s Bridging provided a £1m facility to a corporate customer who had recently obtained residential planning permission on a factory located in London.

Our customer had an existing facility with another lender which they had taken to assist with the purchase of the property pending the obtaining of planning permission. The existing facility was about to expire and our customer wished to refinance  now that planning permission had been obtained.

We met with the customer to gain a better understanding of the project and its various complications and issues as well as learn about the customer’s previous successful development project experience.

In assessing the proposal the Bank took into account that our customer was in advanced negotiations to sell the property. The loan completed with the customer expecting to formally exchange contracts for the sale of the property approximately one month after draw down with completion to follow at a later date.

It is a good example of how the Bank’s expertise combined with our flexible approach and willingness to meet with customers to understand their project enabled our customer to take their business forward.