United Trust Bank (UTB) is providing £9 million of development funding to support the creation of a 5-storey, 62 suite Apart-Hotel including ground floor commercial space in Leeds city centre.
The project is being undertaken by an experienced Developer-Operator of Apart-Hotel accommodation and comprises the refurbishment of a Grade II listed former hotel and construction of a new building adjoining and behind the historic property. Once finished, the borrower, will retain the completed building within the group’s growing portfolio of investment properties.
Although new to the Bank, the borrowers were able to demonstrate a successful track record of similar projects completed over the last 2 decades and are employing a long standing and experienced main contractor to manage and deliver the scheme.
UTB’s development loan will be repaid when the completed project is refinanced onto a long-term investment facility.
| Borrower | Developer-Operator |
| Amount | £9 million |
| Loan Type | Development Finance |
| LTC | 60% |
| Term | 20 months |
| Location | Yorkshire |
| Loan Purpose | Refurbishment and adjoining new build to create city centre Apart-Hotel |
| Special Feature | Listed building New to Bank customer |