United Trust Bank’s Development Finance team were approached to jointly fund phase 1 of the conversion of a vacant office block under permitted development rights. The developer was seeking high LTC funding for the £14.5m project to enable them to retain equity for other opportunities.
The 5-storey building is situated in an affluent town on the outskirts of Greater London and the 64 new apartments created by the scheme would be leased to a housing association and add much needed homes to the local rental stock.
The developer had previously borrowed from UTB and was highly experienced in the ‘build to rent’ sector with over 1000 units built and let to housing associations over the last 15 years.
With the conversion underway, UTB is now in discussion with the developer to fund phase 2 of the project to create a further 40 units.
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