UTB funds £29m redevelopment in sought after coastal village

United Trust Bank (UTB) is funding the construction of a contemporary £29m development of 20 new apartments and 8 detached houses in a sought-after coastal village.

The borrower is a highly regarded and multi award-winning house builder specialising in identifying and acquiring sites in outstanding coastal locations and creating highly desirable residential developments. Over the last decade UTB has funded more than 15 schemes for the customer with a combined GDV of well over half a billion pounds and they currently have several UTB development and sales period funding facilities in place.

On this occasion UTB provided funding for the acquisition of the site in 2020 to allow a period of time to submit plans to the local planning authority for a redevelopment of a former hotel site. The new £18.8m facility refinances

BorrowerRegional house builder
Amount£18.800m
Loan typeDevelopment Finance
RegionSouth West
LTGDV65%
Project type• Redevelopment of former hotel site
• Scheme consists of 20 new apartments and 8 contemporary detached houses
• £29m GDV
Special features• Refinance of original UTB site acquisition funding plus 100% of the construction budget
• Sought after coastal location