United Trust Bank was approached by a returning customer to fund the site acquisition and construction of two residential developments in Surrey with a combined GDV of £16.5m.
The borrower is a long-established residential property development company with a 50-year history of building high quality homes in and around Surrey. They usually operate a self-build procurement model as principal contractors with a team of over 20 permanent head office and site management employees and a panel of trusted sub-contractors which they keep busy with around 4 projects underway at any one time.
The first development comprises 18 new 2-bedroom apartments built in two, three-storey blocks on the site of a demolished house and chalet. With a GDV of £8.8m, prices will range from around £425,000 to £550,000 per unit.
The second development, with a GDV of £7.7m, will create 5 new 4-bedroom detached houses and a pair of 3-bedroom semi-detached houses on a garden land site with the existing house remaining and contributing around £900,000 in additional security.
UTB is providing £10.7m of funding across both schemes.
| Borrower | Housebuilder |
| Amount | £10.7m |
| Loan Type | Acquisition & Development Finance Loan |
| LTGDV | 65% |
| Term | 20 month terms |
| Location | Surrey |
| Loan Purpose | Site acquisitions and construction of 25 new apartments and houses over two locations |
| Special Feature | Returning customer. Funding for multiple simultaneous projects |