United Trust Bank

UTB and Barwood Capital to fund barn conversions into luxury homes

United Trust Bank (UTB) has partnered with regional real estate specialist Barwood Capital to jointly fund the acquisition and conversion of historic barns in Sutton, Bedfordshire.

The barns will be transformed into three luxury homes by developer Resolution Homes.

Barwood Capital’s residential investment platform has provided the equity investment, with the balance coming through UTB, for around £1.6m of total funding.

The largest conversion will provide more than 3,000 sq ft of living accommodation and is expected to sell for more than £1m, while the full project has an estimated GDV of circa £2.6m.

Work is due to commence on the site this month.

Phil Bird, property development manager at United Trust Bank, said: “We are delighted to once again support Resolution Homes with [its] latest project and we were very happy to work with Barwood Capital in providing funding structured to meet our mutual customer’s requirements.

“We look forward to the delivery of another successful development from Resolution Homes and to working with Barwood Capital again in the future.”

Steve Chambers, director at Barwood Capital, added: “While Resolution Homes is an existing development partner, the joint funding partnership for this Sutton project is our first with UTB. 

“We have been impressed with UTB’s professionalism and commerciality to provide additional funding for the project. 

“Sutton is an attractive location, with great transport links, which is why the opportunity for our residential investment platform to invest in Resolution Homes’ development of the barns into homes in the area will benefit the future homeowners.”

UTB recently provided Resolution Homes with the funding to develop 13 apartments in Buckingham.

Eddie Lawley, director at Resolution Homes, saw this as a further important step in the evolution of Resolution Homes and considered the partnership arrangements it has with UTB and Barwood offered good foundations from which to continue to grow the business.

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