UTB funds £10m riverside apartment development
An existing customer approached United Trust Bank to provide a site refinance and construction facility to develop a new build block of 49 riverside apartments and associated parking on a site close to the centre of a popular West Country town. The development is being built as a single phase but comprises 3 distinct blocks of 4 – 6 storeys alongside 15,000 sq ft of commercial space being constructed by another developer.
Although the customer purchased with the benefit of a planning consent they have managed to enhance this considerably. The added value created means that the Bank is able to fund 82% of the total costs on senior debt terms.
The anticipated build costs are c. £5.5m which have been costed by the clients QS and will be delivered under JCT contract with an established and respected Bristol based construction firm.
The site has been valued with an MV of £1.9m and a GDV of £10.25m with sales prices ranging from £130k for one bed units to £300k for 3 beds.
Loan Amount: £6.15m