United Trust Bank (UTB) is funding a £6.7m development of 25 new family homes in a rural Cumbrian village. The scheme is being undertaken by experienced and successful regional housebuilder in a joint venture (JV) with the Housing Growth Partnership (HGP).
UTB was approached by the borrowers after the original funders withdrew their offer following the onset of the first Covid-19 lockdown. The developers were within weeks of completing the purchase of the c3.2 acre site and the withdrawal of the funding only added to the housebuilder’s pandemic challenges.
Both UTB and the housebuilders have an existing relationship with HGP and despite the travel and operational difficulties presented by lockdown, all parties worked hard to get the project back on track. With the £4.16m UTB funding in place, the housebuilders proceeded with the land purchase and groundworks have now commenced.UTB funds £6.7m North West development in JV with Housing Growth Partnership
|Loan Type||Development Finance|
|Project Type|| • Greenfield development of 25 family homes|
• A mix of 2-5 bedroom houses and bungalows
|Special Features||• New to Bank customer|
• JV with Housing Growth Partnership
• Original lender withdrew funding offer due to Covid-19 lockdown