UTB

UTB funds mixed-use development



United Trust Bank (UTB) has delivered a £11.8m loan for the redevelopment of a former public house.

The borrower – a joint venture between two wealthy families – was looking for finance for the redevelopment of a former public house and adjoining land in a busy commercial centre.

The completed scheme would consist of a nine-storey building plus basement space comprising 22 new-build apartments, including triplex penthouses, as well as ground and lower ground commercial spaces.

Prior to enabling site access and ground works – which included excavation – complex negotiations were undertaken with Network Rail to ensure a safe build with minimum disruption to commuters.

The appointment of a professional team that was familiar with the site constraints, together with a main contractor, which had a strong track record of delivering similar projects, was crucial to unlocking the potential of the site.

As UTB was assured that the development would provide high-quality homes in a sought-after area – and that the development would be completed by a skilled contractor – it put forward the proposal to its credit committee with facility letter documentation issued on the same day for the funding.


Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.



Leave a comment