United Trust Bank was approached to assist with the redevelopment of an existing Social Club in to a mixed use residential led scheme including a new social club with adjoining office space and 18 brand new apartments in the upper parts.
The Borrower originally approached their local high street Bank but after a lengthy consideration the finance requested was not forthcoming. As such, time was now of the essence.
The Borrower was a Joint Venture between a local Social Club and an experienced House builder whereby the Social Club contributed their building and associated land in return for a new Club facility and 2 of the apartments at practical completion of this new build scheme. The Bank advised on the nature and structure of the JV agreements to ensure that the Social club had confidence that the scheme would be delivered in line with the original design and planning permission granted.
Within two weeks of receiving the initial funding request, the UTB deal team had met the Borrower, visited the site, liaised with their professional team, presented at Credit Committee and issued a Committed facility letter to finance construction of the entire site.
Borrower: Regional House Builder
Loan Amount: £3.8m
Loan Type: Development Finance
Location: Greater London
Loan to Cost: 75%
Project Type: Self-Procurement, New Build, Mixed use – Social Club + Offices + 18 Residential Apartments, six storeys including basement
Special Features: Joint Venture with a local Social Club, Committed facility letter issues within two weeks of the initial request