United Trust Bank’s Development Finance team was approached to provide funding to assist with the refurbishment of a part Grade II listed gatehouse.
Prior to visiting the property we were told that the previous owner had, without planning consent, undertaken a multi-level basement extension below the property which included a swimming pool and garage. The garage had no access from the road.
Furthermore, the soil from the excavations had then been dumped behind the property, thus entombing the rear of the house.
A site meeting was held with the developer and the introducer and this will long be remembered as one of the most interesting initial meetings UTB has ever attended for the sheer scale of the basement dig and the poor condition of the property.
The developer talked us through his plans for the property which involved opening up the rear of the property with huge floor to ceiling doors and a tranquillity garden.
After much discussion the bank agreed to fund the development and a year later we were invited back to the property to view the completed house.
The property had been completely transformed. The gatehouse, which was previously hidden behind a mound of earth has been opened up to provide an incredibly grand and modern façade which seamlessly adjoins the grade two listed wing. The glazed entrance hall is light and spacious and has view straight through to the outside entertaining space.
Internally the house is finished to an exceptionally high standard with Porcelanosa sanitary ware and ceramics throughout and a high end kitchen with branded appliances.
Funding was initially provided at 50% of GDV with a further advance provided to help cover the enhanced specification and finish of the property. Following a successful marketing, the property is now under offer.
Loan Amount: £0.65m