United Trust Bank (UTB) was approached by an existing customer to fund two airspace development schemes. The first is a project to build 9 new apartments over two storeys on top of an existing two storey print works in South-East London with the 9th apartment to be handed back to the building’s freeholder at practical completion as part of the development agreement.
The second scheme, in North-West London, is a project to build six 3-bedroom penthouse apartments on top of three popular art deco buildings, plus construct a single storey villa on the ground. The freeholders and existing leaseholders will benefit from the developers carrying out over £1m of upgrade and improvement works to the ageing buildings as part of the project.
The borrowers have a strong track record in the rooftop development sector and have established a successful relationship with UTB, which has funded five of the company’s previous projects.
UTB was happy to provide £10.36m of development funding required for the two schemes which have a combined GDV of £15 million with a third project now in the pipeline.
|Amount||£10.36m across the two projects|
|Loan Type||Development Finance|
|Loan Purpose||• Construction of 15 high specification apartments and a new build villa|
|Special Features||• Airspace Development|