Merryoaks faced numerous hurdles with this deal, including a 12-month completion period and the developer increasing the scheme from a £1.6m single asset to its current six-unit format.
“This was an exceptionally complex transaction that required strategic problem-solving at every stage,” said Saam Lowni, founder at Merryoaks (pictured above).
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“Throughout the process, we worked closely with UTB who thanks to their support and flexibility, provided the funding and together, we successfully structured a 12-month deal, enabling the borrower to take this significant next step in their development career.”
Luke Benton-Drury, director (property development) at UTB, added: “I am delighted that UTB is supporting this exciting scheme, and it has been a pleasure to work with Merryoaks in structuring a solution which enables the customer to step up to a significantly larger project.”
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