United Trust Bank’s (UTB) Structured Property Finance team was approached to refinance the debt on a multi-let industrial building in Greater London.
The borrower, an experienced property investment and development company, had obtained planning permission on the site for 74 new homes and as all the tenants had short occupational leases, they expected to be able to have full vacant possession in around 12 months.
The 24-month term gave the customer time to gain full vacant possession and explore exit options including selling the site or potentially building out the new £40 million development project themselves.
| Borrower | Value-Add Property Investor / Developer |
| Amount | £4 million |
| Loan Type | Commercial Bridge |
| LTV | 50% |
| Location | Greater London |
| Term | 24 months |
| Loan Purpose | Refinance |
| Special Features | Planning consent for 74 new homes with a Gross Development Value of £40 million |