United Trust Bank (UTB) is providing the senior funding for an £11.5m development in a desirable West London location providing 30 new apartments over six storeys. The scheme is being constructed by a long established and successful house builder which UTB has been interested in working with for some time.
The borrower and the Bank started discussions just prior to the Covid-19 pandemic and the proposal was progressed and funding offered during lockdown.
The funding structure includes Junior Debt and third party Private Investor equity whilst also accommodating complex overage and CIL agreements. The site also presented challenges in terms of easements with regard to Rights of Light and adjacent Network Rail assets.
50% of the new homes will be available through the Discounted Market Sale Scheme (DMSU), where they are offered at a 20% discount from their open market value to purchasers certified by the Local Authority.
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