United Trust Bank (UTB) Property Development was approached by Alex Maxwell-Scott of Ardant Partners to provide a £5m, 12-month development bridge to a large UK developer.
The borrower acquired a former Grade II listed office and medical facility in 2023 and subsequently worked up planning consent for a 330+ bed PBSA scheme situated within the city’s university campus.
The bridge allows the customer to refinance their original acquisition loan, release some equity, give them time to submit proposals for some reconfiguration of the original plans to optimise space and rental income, and seek a forward funding partner or development finance to complete the scheme.
| Borrower | Living and Regeneration Developer |
| Amount | £5m |
| Loan Type | Development Bridge |
| Location | North-East |
| Loan Purpose | Refinance including equity release |
| Special Feature | New to Bank borrower introduced by Alex Maxwell-Scott, Ardant Partners |