United Trust Bank was approached to finance a new project for an existing customer involving the redevelopment of a small site in Central London with planning permission to build a 4 storey (over basement) scheme of 6 apartments and a commercial unit on the ground floor.
The site was already owned by the client and whilst they had been looking at alternative funding sources to progress the development, they had been waiting to complete another development (funded by us) in South London before embarking upon this new project.
Having delivered the South London scheme on time and on budget we were keen to continue an on-going relationship with the client. They were equally satisfied with our professional team and the smoothness with which the previous project had progressed and so were keen to secure our support for the new project.
With a strong professional team and an experienced contractor work has now commenced on a 12 month build with completion of the project scheduled for April 2015.
Our initial loan against the land value was 49% and the exit LTV is 55%.
Loan of £2.7m – £4.5m GDV