Eleventh hour change of plan but purchase stays on course
United Trust Bank was approached by a known developer client to fund the purchase and development of a site in West Sussex with planning consent for five detached houses. They had already exchanged contracts on the site and completion was just a few weeks away.
A meeting and site visit was arranged quickly and formal credit agreement was given within two days.
Thereafter the client, his team of advisors and our professionals worked through the due diligence process together. The site was complex in that it involved three titles, restrictive covenants, tree preservation orders and archaeological matters. Then, just two days before the purchase, the clients received an offer they could not refuse for one of the plots. The facility was quickly revamped, with all the documentation re-issued.
Completion took place on the due date and the clients have commenced building on the remaining four plots.
Loan £1.7m being 55% of gdv