Development finance facilities were made available to a long-standing customer to fund an office to residential conversion of two separate buildings. Together they would create 74 apartments and 18 new airspace / rooftop units. With works nearing completion and sales underway, the borrower identified two further opportunities of interest close to the current sites. Following negotiations, UTB agreed to provide equity release from the existing schemes under separate Sales Period funding facilities which formed the borrower’s cash contribution towards the acquisition of the two further buildings.
The new projects were then secured with Acquisition finance which allows our customer the time to maximise the planning potential of these new schemes. The first of the new projects is now underway and will create 10 mews houses within the frame of the existing building. The second project is in detailed design and projected to deliver a further 47 apartments under permitted development rights.
The final two acquisitions were funded with facilities which accounted for 90% loan to cost.
At any one time the Bank has provided Acquisition, Development and Sales Period funding solutions to this customer across four overlapping development projects providing a total of 149 new homes.
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