United Trust Bank was approached through a ‘known’ property professional to fund an experienced residential developer who was purchasing an existing house, with a large garden and adjoining land, under three titles. The property benefits from planning consent for two large detached houses and is situated on an excellent road in Ascot. The finished development has a GDV of £5.5m.
There was a 4 week purchase deadline so within a week a site visit and meeting was arranged and the client’s previous developments were also viewed and credit approval obtained for a loan of £3m with an LTV of 55%.
With the Bank, legal representatives and all the various property professionals working together the purchase deadline was met and the client is already on site and building out.
GDV £5.5m – LTV 55%