Case files

Asset
Bridging
Development
Mortgages
Structured

UTB funds £30m mixed-use scheme in South London

Borrower
    Housebuilder
Amount
    £20 million
Loan Type
  • Development Finance
Location
  • Greater London
LTGDV
  • 65%
Project type
    • Residential led mixed-use scheme
    • 61 new build apartments above ground and first floor commercial space
Special Features • New to Bank customer
• Working with REPE
• Regeneration project

United Trust Bank (UTB) is funding the creation of 61 new apartments and commercial space in a South London regeneration zone.

The borrower is an expanding housebuilder, new to the Bank but with a strong and experienced management team and a demonstrable track record of delivering other successful developments across South London. This is the borrower’s biggest scheme to date.

UTB is investing £20 million alongside the borrower’s Real Estate Private Equity partner to underwrite the delivery of four apartment blocks above commercial with heights up to 9 storeys. The scheme includes designated affordable and shared ownership units, each with a balcony as well as use of communal spaces and play areas including rooftop terraces.

Work has begun on site with construction of the development expected to take 2.5 years.

Rowan Stewart, Director of Featherstone Homes South East Ltd, commented: “It was vital that we secured a flexible and competitive funding solution and Global Growth Capital and United Trust Bank worked closely to deliver what we needed quickly and smoothly”