United Trust Bank (UTB) and LDS Sales Guarantees have joined forces to support the construction of 27 new-build apartments in Essex, a project with a GDV of close to £10,000,000.
The development in central Hornchurch will create two new 3-storey blocks and one 4-storey block comprising a variety of 1, 2 and 3 bedroom apartments.
As part of this 92% LTC deal, the LDS Sales Guarantee, which completed in just over 4 weeks, reduced the equity required from the developer, Laugan International Ltd, via a day-one cash deposit release of £780,000. UTB are providing £6.8m of development funding to support the scheme.
George Logan, director of Laugan International Ltd, stated: “Throughout my interactions with the teams at LDS and UTB, Mark and Orla ensured I experienced a level of dedication and professionalism that truly sets them apart.
“This attentiveness made me feel valued as a customer and reinforced my confidence in their services and I was consistently impressed by their problem-solving skills. They took ownership of any issues that arose and worked diligently to find effective solutions, ensuring that I was fully satisfied with the outcome.”
Orla Costello, Senior Director – Property Development – United Trust Bank said: “UTB are delighted to support this exciting development and to complete our first deal with LDS. There are various ways developers can capitalise a project and LDS Sales Guarantees are a great option in the financing toolkit, helping housebuilders access the funding they need whilst retaining more of their cash.
“With several more potential opportunities being discussed, we are certain this will be the first of many successful collaborations between UTB and LDS and we also look forward to supporting many more schemes from Laugan International.”
Ashley Marks, head of real estate at Excellion Capital, said: “This is an excellent example of expanding a developer’s capacity, while completing swiftly on the deal at hand – made possible through great partnership between UTB and LDS’s unique offering.”
Mark Roberts, LDS Relationship Director, commented: “This is another example of LDS working closely with lenders, brokers and housebuilders to unlock transactions and new homes. The Sales Guarantee is a powerful combination of risk removal and cash release in a market that is high in risk and low on liquidity.”