UTB funds multi-million pound Cornwall development
An experienced West Country developer, and previous United Trust Bank borrower, had worked with the owners of a prime, hilltop site in Polzeath, Cornwall to create a prestigious new development. The plan was to demolish the existing buildings and create 7 new family houses and 2 affordable flats.
Having successfully obtained planning consent the client was seeking our assistance to complete the purchase of the land and deliver the new development. UTB agreed to lend £1.76m to assist with the purchase of the land and for 100% of the construction costs and professional fees. The client will be appointing a local recognised third party contractor on a fixed price JCT.
The development is due to commence in December 2012 with an anticipated completion date of November 2013. The project GDV is £3.2m with an LTV of 55%.