United Trust Bank (UTB) and Iron Bridge Finance are celebrating a substantial milestone in their 10 year relationship with the successful completion of a solution supporting a 42 unit development in North London taking the total number of new homes created through their collaboration to 558 and a combined GDV of over £213m.
Since late 2015, UTB and Iron Bridge have jointly funded 17 developments, with UTB providing over £129m of senior debt and Iron Bridge providing £37m of mezzanine debt on a wide variety of residential and mixed-use developments and conversions. The 558 new homes created are located across England from Cambridgeshire and the Midlands down to the South Coast. Four further developments to be funded by UTB and Iron Bridge are also in the pipeline with a combined GDV of £90m and a further 212 units.
The most recent jointly funded scheme was for the acquisition and eventual development of a redundant office building in North London with planning to convert the building to 42 new apartments and potential for an additional 18 units on two additional floors via airspace development. UTB is providing just over £7m of funding towards the acquisition, and Iron Bridge over £4m. The project has an estimated GDV of over £20m once enhanced planning has been obtained.
Adam Bovingdon, Head of Property Development, United Trust Bank, commented:
“We are delighted to celebrate this fantastic milestone with Iron Bridge Finance. Reaching 558 new homes with a GDV of over £213m financed together is a testament to the strength of our long-standing partnership. Since our first meeting with Lance it was clear that he and the team shared our commitment to supporting ambitious housebuilders and developers. Over the last 10 years, our collaboration has consistently delivered innovative funding solutions that help bring much-needed homes and regeneration projects to life. Successful solutions like the one supporting this exciting North London scheme show just what can be achieved when two specialist lenders work together with a common goal – helping to create outstanding places for people to live. We look forward to many more successful years working together.”
Lance Joseph, CEO of Iron Bridge Finance, commented:
“This milestone means a great deal to all at Iron Bridge Finance. From my first conversations with Adam and the team at United Trust Bank, it was clear we shared the same vision – to back ambitious developers with innovative funding solutions and create real places for people to call home. Our partnership extends beyond funding, shown in our joint charity work supporting rough sleepers. Over the past 10 years, we’ve built not only a strong professional relationship but lasting friendships, enabling sites that might otherwise never have been delivered. With a strong pipeline ahead, supporting developers to create 212 new homes and with a GDV of £90m, we’re excited about what the next chapter with UTB will bring.”