United Trust Bank (UTB) is funding a £5m residential led mixed use development through its innovative Housing Accelerator Fund, a public private finance partnership launched by Homes England and UTB earlier this year to improve financial support for the building activities of small and medium sized housebuilders and developers.
The scheme comprises 13 new apartments in a 5-storey building situated in a central city location with ground floor commercial space. The developer has already secured three off-plan sales and fully expects to secure more during the construction phase.
The development is being undertaken by an experienced and successful regional developer who has secured 70% LTGDV funding under the Housing Accelerator Fund.
As well as securing competitively priced funding with increased gearing, the borrowers also benefitted from a swift and straightforward delivery of the funding with the first draw completed within 23 working days of credit sanction.
|Loan Type||Housing Accelerator Fund|
|Region||East of England|
|Project Type|| • New build regeneration of city centre brownfield site|
• Residential led mixed use apartment block including ground floor commercial space
|Special Features||• Public Private Finance Partnership between Homes England and UTB|
• Drawn within 23 working days of Credit sanction