United Trust Bank

UTB provides £27.5m to one customer across four overlapping development projects

United Trust Bank (UTB) has provided acquisition, development and sales period funding solutions of £27.5m to one customer for development projects totalling 149 new homes.

Facilities were provided by UTB to a client to fund the office-to-residential conversion of two separate buildings which would create 74 apartments as well as 18 new rooftop units.

UTB also agreed to provide equity release from the existing schemes — under separate sales period funding facilities — which formed the borrower’s contribution towards the acquisition of two further buildings.

The new projects were then secured with acquisition finance and the first of the projects — which will create 10 mews houses within the existing building — is now underway.

Under permitted development rights, the second project is expected to deliver a further 47 apartments and is currently in detailed design.

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