United Trust Bank completes £5.5m structured finance facility within 8 days of achieving credit approval
United Trust Bank (UTB) has completed a £5.5m refinance of a 5-storey apartment block in Slough with completion taking place just eight days after the facility was given credit approval. The funding repaid the existing lender and released equity for the borrower to reinvest in new projects.
The scheme of 34 new apartments was developed and retained by Redsky Homes and UTB’s Structured Finance division was able to quickly appraise the security offered and suggest a competitive and flexible solution which will adapt to the borrower’s requirements as they stabilize the investment.
Redsky Homes Group are a successful property development company founded in 2008 which has established a strong track record of identifying sites with planning gain potential and delivering high quality homes for sale or to retain for the company’s growing rental portfolio.
Following the successful completion, Redsky Homes are negotiating a further, more substantial funding requirement with UTB’s Structured Finance team.
Tej Sekhon, Managing Director of Redsky Homes Group commented:
“I was highly impressed with the extremely quick and smooth turnaround of this funding. Gerard and his team really understand the UK real estate industry and what’s important to investors & developers operating in this sector. They structured a solution on terms many lenders would not have considered and did so in days rather than weeks. I believe UTB are a bank I can grow with and look forward to working with them again in the future.”
Gerard Morgan Jackson, Head of UTB’s Structured Finance Division, said:
“We support ‘value add’ investor-developers and traders with tailored solutions around their circumstances and requirements rather than trying to shoehorn them into off the peg lending criteria. We provide quick decisions and completions helping customers grow their businesses over a series of projects across most property asset classes. With Redsky, we took a broader view than most lenders and rather than focusing on the security alone we took account of the customers’ considerable experience and ability to proactivity asset manage their existing investments. Consequently, we were able to offer a fast and flexible solution providing time and liquidity at competitive investment rates.”
Having quickly completed this facility, UTB are now working alongside the Redsky team on their next project.