UTB

United Trust Bank provides £4.6m loan for Milton Keynes housing development



United Trust Bank (UTB) has agreed to fund a £4.6m development loan for a new residential scheme close to Milton Keynes, Buckinghamshire.

The facility will be used for the purchase and development of the project.

The development in Newton Longville will be completed by James Taylor Homes in a joint venture with Housing Growth Partnership (HGP), a social impact investor backed by Lloyds Bank and Homes England.

The £7.6m GDV residential scheme will offer 17 three- and four-bedroom houses and bungalows on a low-density greenfield site.

The loan was secured at 60% LTGDV on a 24-month loan term.

Philip Kirkwood, property development director at United Trust Bank, said the lender was delighted to support the joint venture between James Taylor Homes and HGP.

“SME housebuilders play a vital role in tackling the UK’s housing shortage and UTB is keen to provide the funding to keep them building, despite the economic uncertainty presented by Covid-19 and Brexit.
 
“It’s particularly pleasing that we were able to progress and complete this facility in the midst of a pandemic, with all the additional challenges this has brought to all of our businesses."

Emil Sohrab, managing director at James Taylor Group, commented: “We are delighted to be embarking on a new relationship with UTB and enhancing our existing relationship with HGP.

“Our experience so far, from our initial approach to drawdown, is that our proposal could not have been dealt with more professionally and efficiently.

“Phil has been great to work with and we look forward to another successful project and many more to come with both UTB & HGP.”

James Hutchinson, investment director at HGP, added that Newton Longville was a great example of its ongoing commitment to helping its partners grow, and that the investor looked forward to working with James Taylor Homes and UTB.


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