United Trust Bank (UTB) Structured Property Finance was approached to provide a £16.2m investment loan at 61% LTV on a large mixed-use building in Central London.
The borrowers, a family with substantial real estate assets, wished to refinance their existing expiring debt to a new 5-year facility. The £26.9m security has been owned by the family for more than 35 years, initially as a factory and later redeveloping the site to 24 letting apartments and 18,500 sqft of office space. Combined income was sufficient to service the fixed interest for the term of the loan.
The family intends to retain the building for the benefit of future generations, so the exit will most likely come via refinancing the facility in 2031.
| Borrower | Private Client |
| Amount | £16.2m |
| Loan Type | Mixed-use Investment facility |
| LTV | 615% |
| Term | 5 year term |
| Location | Central London |
| Loan Purpose | Refinance of existing facility |
| Special Feature | Fixed interest rate serviced from rental income |