United Trust Bank’s (UTB) Property Development team was approached by a returning customer to fund the conversion of an office building to 100 Build to Rent (BTR) apartments with a gym, residents’ lounge, workspace and parking.
The borrower, a specialist developer, operator and long term investor of residential rental assets develops mid-sized schemes in urban areas where there is proven demand for well serviced rental accommodation.
UTB was approached to provide the funding required to build the scheme which has an estimated GDV of £24m. This would be the second of the borrowers’ developments supported by UTB who also financed their £17m BTR site in a nearby city which was nearing practical completion.
Given the principals’ extensive real estate experience and successful delivery of the first project funded by UTB, the Bank was happy to provide the £15m funding required to complete the ambitious scheme.
|Borrower||Build to Rent Developer-Operator|
|Loan Type||Development Finance|
|Loan Purpose||Conversion of a 90s office block in to 100 Build to Rent apartments|
|Special Feature||Returning customer with UTB also funding their £17million BTR scheme in a neighbouring city|