UTB

UTB provides £8.25m facility for residential project



United Trust Bank (UTB) has provided an £8.25m funding facility to a regional housebuilder for the development of 91 homes.

The housebuilder was established five years ago as a subsidiary to a family-owned civil engineering business.

The bank had previously funded the housebuilder’s second development of 28 new homes in 2015, and the latter was eager to work with UTB on this considerably large scheme.

The recent improvements to the local infrastructure had presented opportunities for investment in new housing, and the nine-acre development site comprised a range of two- to four-bedroom private homes with good access to amenities.

However, the site was sloping on two sides, which presented complex challenges in the groundworks.

Despite this, the housebuilder reached out to the parent civil engineering company which had the necessary skills and experience to overcome the challenges and complete the site access and enabling works.

The first phase of the development achieved a high level of early sales and this encouraged the developer to push forward their plans for the next phases.

The housebuilder initially received funding from UTB for the first phase, and returned to the bank for additional funding, which was quickly approved to increase the facility to £8.25m.

In addition to funding the build out of the final phase, the bank has now approved funding to support the housebuilder’s acquisition of its next project: a site with planning permission for over 170 new homes.


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