UTB funds £4.4m East End development
We were approached by an experienced and highly regarded developer through a reputable introducer looking for funding for a project in London E1. The developer had seen funding lines from the High Street banks gradually disappear over the last few years and they were looking for a reliable lender committed to the residential development finance market.
The project related to the part conversion and part new build of nine apartments above retail space with easy access to the city and being located in an area with many quality restaurants and shops.
A meeting and site visit was quickly arranged with credit committee approval following swiftly after. The due diligence process was undertaken with all parties working closely together, the first tranche of funding was released and the clients are now on site.
Facility – £2.4m being 55% of GDV.