United Trust Bank’s (UTB) Property Development team was approached to fund a development of ‘carbon neutral’ apartments equipped with a range of cuttingedge energy efficient features.
The Bank initially agreed to refinance the borrower’s acquisition loan and fund the construction of 32 apartments. However, the borrowers later submitted an enhanced planning application to add an extra storey to the proposed block and create a further three apartments. Upon consideration of the additional value created by the extra storey, UTB agreed to the additional funding required to complete the scheme.
The energy efficiency and sustainability of the apartments were key to the marketing of the new homes. The building is extremely thermally efficient with triple glazing and an exhaust air heat pump system providing underfloor heating. The building has solar panels generating 35,000 KWH of electricity each year and on sunny days excess electricity is stored in 10 Tesla Powerwalls to be used during peak pricing times. Combined, the features have led to the apartments being awarded a coveted A-rated EPC, achieved by only 0.1% of UK homes.
|Loan Type||Development Loan|
|Loan Purpose||• Funding construction of 35 energy efficient apartments|
|Special Features||• Innovative carbon neutral development designed and built with integral energy saving technology|