- Loans capped at a maximum of 90% of the total project costs.
- The Loan is only available in conjunction with a new UTB Development Finance Term Loan.
- The Loan must be fully drawn before the first draw on the Development Loan.
- Security to include a first legal mortgage over the property or site, other assets of the borrower, debentures and may be limited personal or corporate guarantees.
- The Borrower will be required to provide the bank with funds to cover valuation costs, a monitoring surveyor cost report, as well as a solicitors undertaking for legal costs upon acceptance of the facility letter documentation.
- First draw down under the loan must be within 3 months of the date of the offer letter.
- To be eligible, the borrower must
(i) Be UK based in its business activity, with turnover of no more than £45m pa
(ii) Have a borrowing proposal which UTB would consider viable, were it not for the current pandemic
(iii) Self-certify that it has been adversely impacted by COVID-19 and
(iv) Not classed as a business in difficulty on 31-12-2019.