United Trust Bank’s Structured Finance (SF) division was approached by a broker representing a client wishing to purchase a mixed-use development opportunity in North London with a GDV in excess of £14m.
The borrower is a successful entrepreneur with a portfolio of businesses and investment properties and began developing bare land in 2016. The customer was new to the Bank and wished to borrow circa £4.45m to cover 100% of the purchase price of the new site plus charges and interest. The site has planning for 21 new build residential units in one block over 3 storeys together with ground floor office space.
The security offered included the target site and two unencumbered development projects under construction. Funds raised by the sale of the completed developments would provide the exit for the acquisition finance. Inspection of the existing developments by UTB’s Asset Manager confirmed that the projects were progressing on time, on budget and the construction works were being carried out to a high standard.
Even with the multiple securities to appraise and inspect, UTB’s SF team was able to meet the customer’s deadline to complete the new land purchase.
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