United Trust Bank (UTB) is supporting a £10m redevelopment scheme being carried out by an experienced housebuilder operating in and around Greater London.
The Bank teamed up with Iron Bridge Finance to provide combined junior and senior debt facilities for the demolition of the existing 1930s house and construction of 2 semi-detached houses, 1 bungalow and 11 apartments split out across 2 residential blocks.
The borrower had acquired the property, situated in a popular residential area, with planning permission for redevelopment. The new flats will enjoy either ground floor gardens or balcony terraces and the bungalow will be wheelchair accessible with an adjoining parking space.
Construction works will be carried out as a self-build with their own site manager and one of the principals acting as the overall project manager.
| Borrower | Regional Housebuilder |
| Amount | £6 million |
| Loan Type | Development Finance |
| LTC | 73% |
| Term | 21 months |
| Location | South London |
| Loan Purpose | Redevelopment of existing residential site to create 14 new homes |
| Special Feature | Collaboration with Iron Bridge Finance to provide higher geared funding |