United Trust Bank was approached by a known experienced client to fund the purchase and redevelopment of a prime site in London comprising 10 apartments and a commercial unit. The structure of the deal was somewhat complex as it involved a joint venture agreement with the owner and matters pertaining to a party wall and rights of light.
The client’s funding requirements were such that they wanted to borrow 100% of the project costs and subsequently we agreed to take an unencumbered investment property as additional security. Working together with the client and our professional team, we were able to work through all of the issues in a timely manner and complete the deal.
The contractor is now on site building out.
Facility limit : £5.7m
GDV of the project : £9m
Value of investment property : £4.5m