United Trust Bank (UTB) Structured Property Finance has completed a £4m commercial bridge refinance for Merchant Land.
The financing is for a multi-let industrial unit in Brentford, West London, which has planning permission for a residential scheme that includes 74 apartments and parking.
UTB was approached by Paula Devine, a property finance consultant, who sought to refinance the existing debt on the property for Merchant Land.
Merchant Land is a property development and investment firm based in Central London, with over 30 years of experience, specialising in small and medium-sized projects primarily in London.
Planning permission has been secured for the Windmill Lane development, which includes two new apartment blocks providing 59 private and 15 affordable homes.
The 24-month refinance will allow Merchant Land to reduce their existing finance costs and manage the current industrial estate while progressing with their development plans.
Devine said: “It was great to work with Martin and the team at UTB and they proved once again why they’re always on my go-to lender list.
“They were supportive and proactive, structuring a suitable solution and working diligently with myself and the Merchant Land team to bring the deal to a successful conclusion.”
Katherine McCullough, head of Merchant Land, said: “We’re pleased to have been able to work with United Trust Bank to complete this deal, which forms part of a wider strategy to consolidate our financing.
“Windmill Lane is a site and development that has a great deal of potential, creating much needed new homes in an excellent location.”
Martin Cameron, business development director – structured property finance at UTB, said: “It was great to work with Katherine and Paula in structuring a deal which gives Merchant Land the time to explore their options and execute their chosen strategy.
“Merchant Land has an excellent reputation in the development and rental sectors, and I hope this is the first of many occasions when UTB can provide the funding they need to help deliver their objectives.”
