Flexible approach helps UTB to fund two upmarket West London conversions
An experienced financier and property investor/developer was introduced to us through a broker with a long association with UTB. The borrower had, over a number of years, purchased flats in two houses in West London. As a result he now owned the whole of the buildings and proposed converting these Victorian properties back into single dwellings.
Planning permission had been obtained for some extensions and reconfigurations. And the borrower had assembled an impressive team of professionals and first class contractors with a reputation for delivering high quality. The proposed refurbishment budget reflected the high standards being sought.
A separate loan was arranged for each property to redeem existing mortgages and cover all of the refurbishment costs. Whilst individually each proposal may not have met our lending criteria, by funding them together and cross collateralising we were able to meet the borrower’s and the Bank’s requirements.
Overall facility of £1.8m provided against GDV of £3.6m