As part of the 92% LTC deal, LDS agreed a sales guarantee — completed in just over four weeks — which reduced the equity required from the developer, Laugan International Ltd, via a day-one cash deposit release of £780,000.
Meanwhile, UTB is providing £6.8m of development funding to support the scheme.
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The development in central Hornchurch will create two new three-storey blocks and one four-storey block comprising a variety of one-, two- and three-bedroom apartments.
Orla Costello, senior director of property development at UTB, commented: “UTB is delighted to support this exciting development and to complete our first deal with LDS.
“With several more potential opportunities being discussed, we are certain this will be the first of many successful collaborations between UTB and LDS, and we also look forward to supporting many more schemes from Laugan International.”
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