United Trust Bank (UTB) Bridging has completed a £1.2m heavy refurbishment loan for a property in Berkhamsted, Hertfordshire.
The facility included an initial loan of £760,000 with three additional tranches totalling £250,000 for refurbishment.
The borrower, a construction company, bought the property at below market value after a previous deal fell through, negotiating directly with the vendor for a quick sale.
The loan will enable the borrower to fully refurbish the property, including rebuilding the garage, installing new windows, overhauling the roof, updating plumbing and electrics, and landscaping.
The project is expected to take six to nine months.
Secured against the target property and a second charge on a business principal’s home, the loan term is 18 months, allowing time to market the property.
The estimated gross development value (GDV) is £1.6m.
Gary Lomax (pictured), key account manager at United Trust Bank, said: “We were pleased to support the customers on this project and structure a competitive facility allowing them to transform the property, develop its full potential and maximise their investment.
“Given their considerable expertise in construction, we are confident our customers will deliver an exceptional end product and achieve a successful and profitable sale.
“UTB is committed to supporting experienced and inexperienced property developers with bespoke bridging solutions designed to help them seize opportunities and create outstanding homes.”
