The developer approached UTB in January 2015 and prior to visiting the property, the lender was told that the previous owners had undertaken a multi-level basement extension, which included a swimming pool and garage, without planning consent.
However, the soil from the excavations had been dumped behind the property, which entombed the rear of the house, while there was no access to the garage from the road.
UTB then attended a site meeting with the developer and introducer, which the lender cited as one of its most interesting meetings due to the sheer scale of the basement dig and poor condition of the property.
After hearing the developer’s plans, UTB agreed to provide a £650,000 loan at 50% GDV of £1.2m and a year later the bank was invited back to view the completed house.
The property had been completely transformed with the gatehouse opened up as well as a glazed entrance hall.
The inside of the house was also finished to a high standard with ceramics throughout and a high-end kitchen with branded appliances.
Following the improvements and successful marketing, the property is now under offer.