United Trust Bank’s (UTB) Structured Property Finance (SPF) team was approached by a broker seeking funding for their customer to complete the purchase of a redundant office building with the benefit of planning to convert the premises into a residential apartment block.
The borrower wanted to explore an enhanced scheme within the curtilage of the site and required a short-term funding facility to allow time for the revised project to be submitted and approved by the local planning authority.
Whilst the customers are experienced value-add Investor-Developers, their equity was tied up in two other development projects. As such, they required 100% acquisition finance for the new project which the SF team facilitated via innovative restructuring of the client’s two existing schemes.
The deal was structured, and credit approved and drawn within 28 days of the initial enquiry.
|Borrower||‘Value add’ Investor-Developer|
|Loan Type||Acquisition Finance|
|Project Type||• Purchase of a redundant office building with planning for 38 new apartments|
• 100% funding obtained via portfolio leveraging
|Special Features||• New to Bank customer|
• Regeneration of city centre location
• Structured via 1st & 2nd Charges
• Drawn within 28 working days of the initial enquiry