A good partnership overcomes development inexperience
UTB was approached by a broker acting on behalf of their client who had completed one previous project but was otherwise not hugely experienced in property development. He did though have a good business track record and good financial standing. The
borrower had already agreed to purchase derelict commercial land close to the centre of a thriving city in the West of England. Planning permission had been obtained to develop 40 units, primarily apartments.
Recognising his own lack of development experience the customer has engaged a very experienced regional contractor, with good local knowledge and an excellent track record of delivering these types of projects. This combined with the borrower’s financial standing and good evidence of an active sales market persuaded us to fund the project.
Loan Amount: £3,600,000
GDV: £6.5m – 55% CTV