United Trust Bank’s (UTB) Property Development division has partnered with Iron Bridge Finance to support a £10m residential development in South London.
UTB is contributing around £6m in senior debt financing, while Iron Bridge Finance is adding approximately £1m in mezzanine finance to the project.
The scheme involves redeveloping a site previously occupied by a large 1930s house into 14 new homes.
The development will feature eleven apartments spread across two blocks, each with a garden or terraced balcony, along with two semi-detached houses and a fully wheelchair-accessible bungalow complete with an adjoining parking space.
The total gross development value (GDV) of the project is estimated to be around £10m.
Luke Benton-Drury, director of property development at United Trust Bank, expressed optimism about the collaboration, saying: “I am delighted that UTB has the opportunity to once again collaborate with Edward Alexson and Iron Bridge Finance in supporting this venture.
“I hope this is the first of many schemes we support for this new customer and is the start of a successful and fruitful long-term relationship for us all.”
Echoing Benton-Drury’s sentiments, Edward Alexson, chief operating officer of Iron Bridge Finance, remarked: “This scheme is another example of Iron Bridge collaborating with our trusted senior lending partner, UTB.
“It also reinforces our position as the leading mezzanine lender in the market, offering developers the reliable, flexible financing they need to maximise their project potential and achieve their goals.”
