UTB’s Development Finance team was approached to fund the demolition of a dated 1930s dwelling and the construction of a high-end new build apartment scheme in a sought-after location close to a popular golf course.
The borrower is an SPV established as a joint venture between the architects who found the site and designed the scheme, an experienced developer and a long-established main contractor with extensive experience of completing similar high specification developments in the area. Although this would be their first project together, their combined skills and experience made them a strong team and the Bank was assured of their ability to deliver a successful project.
The site is situated in one of the most affluent coastal areas of the North West where prices consistently outperform those in areas relatively close by. Although the stunning design and high-end specification of the new apartments placed them at the upper end of the price range for apartments in the area, the clients were able to show a demand for exceptional homes in the right locations.
United Trust Bank’s Property Development Manager for the North West, Huw Jenkins, visited the site and met with the principals behind the scheme. With good key comparable evidence to support the proposed price points and the excellent track record of the main contractor for delivering similar schemes on time and within budget, the Bank agreed to fund the project within a week of their initial introduction. The demolition of the house commenced straight away, and the construction of the new apartments is proceeding as planned.
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