Aided by a bridging loan from United Trust Bank, experienced developers purchased a site in West London with detailed consent for the development of 7 apartments on the site of an old pub.
Following the purchase the borrowers were introduced to UTB’s development finance team. As the developers firmed up their specification, construction costs and selling prices we were able to structure a suitable development finance package to enable them to complete the project.
The facility required exceeded our normal lending criteria. However, the borrowers were able to provide some additional security, enabling us to meet their requirements whilst mitigating any added risk.
The bridging loan has now been repaid from the new development finance package and the contractor has started work on site.
Facility: £2.9m GDV: £4.6m