UTB provides £2.3m finance package for commuter belt development
Long standing customers approached us to fund their next development of 14 apartments in a South East commuter town. The site is situated within 10 minutes’ walk of a train station and has good access to the motorway network.
Planning consent had been obtained by the vendor however the developers feel that they can improve the layout, making better use of the space and increasing building efficiency. These changes require planning approval.
We have appraised the project based on the existing consent and financed the site purchase on that basis. The facility provides sufficient funds to build out the existing scheme and we will amend this once the revised plans are finalised.
Loan – £2.3m
GDV – £4.5m
CTV – 55%