New £9.9m facility for a market making developer

New £9.9m facility for a market making developer

United Trust Bank is providing the funding for phase 2 of the redevelopment of a site featuring a prominent Grade II listed building having successfully funded phase 1. The Bank has supported the growth of the Borrower by funding increasingly larger schemes across multiple sites in recent years.

The landmark building occupies an elevated position adjacent to a golf course and overlooking the bay. The site owners had originally intended to complete the project themselves but struggled to find a finance partner.  Having been introduced to UTB’s customer, they decided a joint venture with the more experienced house builder would be the best approach. Subsequently the developers are now approaching practical completion of phase 1 with demonstrable demand for the completed apartments evidenced by presales. This has given the developer the confidence to push ahead with phase 2 which will deliver an additional 36 new build apartments in the former grounds of the period building.

UTB is keen to support successful, growing house builders and this company has consistently demonstrated expertise in identifying opportunities, making markets for their products and delivering new homes of outstanding quality.

Borrower
  • House builder
Amount
  • £9.9m
Loan Type
  • Development Finance
Location
  • Wales
LTC
  • 84%
Project type
  • Conversion and New Build
  • 36 new build apartments
  • Funding phase 2
 Special Features
  • 2nd Phase of a site featuring a Grade II Listed Building
  • JV between site owner and developer


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