United Trust Bank (UTB) has agreed to fund an £11m redevelopment of a former hotel site in a stunning beachside location on the north coast of Cornwall.
The Bank was approached in October for funding required by the developer to complete the purchase of the site and the construction of a 3 storey building consisting of 14 apartments above ground floor retail & leisure space. Time was of the essence as the purchase of the site was due to complete in the first half of November.
Travel restrictions relating to the Covid-19 pandemic made it difficult to visit the site or meet the principals in person before a credit decision was required. However, a UTB representative carried out Zoom meetings with the principals and undertook to visit the site and previous developments prior to drawdown.
UTB has provided funding of £6.18m to cover the balance of the site purchase, construction costs, professional fees and CIL / Section 106 obligations. An extended repayment term was agreed to provide the developers with greater flexibility should the pandemic create disruption to the construction timetable.
| Borrower |
|
| Amount |
|
| Loan Type |
|
| Location |
|
| LTC |
|
| Project type |
|
| Special Features |
|