Bank provides a £1m lifeline after existing lender refuses to renew facility
United Trust Bank was approached by a broker on behalf of the owners of a large Grade 2 listed house with outbuildings in which his clients both live and work from.
The borrowers had a facility from a commercial lender but despite having an unblemished payment record the lender was not prepared to renew the facility following its expiration. The borrowers’ business plans and ongoing refurbishment works to the property were still at a relatively early stage and they required breathing space to rearrange their financial affairs.
United Trust Bank agreed to provide a twelve month facility of circa £1m to repay the existing lender, with the borrowers funding the continuing refurbishment work on the property from their own resources.