United Trust Bank (UTB) has completed an £11.4m hybrid developer exit and rent stabilisation facility for Cayuga Homes, a Brighton based property developer.
The funding refinanced Cayuga Homes’ existing debt and allowed them to take out equity from their nearly finished luxury apartment development in Hove, East Sussex.
The deal, introduced by Craig Booth at Abbey Capital, meant Cayuga Homes could sell some of the 33 apartments without early repayment charges and retain the rest.
UTB’s facility is a 24-month, 64% loan-to-value (LTV) deal.
It included a £3.4m sales period loan and a £8.1m stabilisation loan secured against 19 apartments Cayuga Homes wanted to keep as investments.
Ed Deedman, co-founder and director of Cayuga Homes, said: “We were looking for a very specific finance facility to suit a unique set of circumstances, and it was refreshing to work with Gerard and the UTB team as they structured a tailored solution which ticked all the boxes.”
Craig Booth, director at Abbey Capital, said: “UTB’s Structured Property Finance team are my go-to lender for clients who require bespoke solutions.
“Gerard’s team worked quickly and diligently to deliver a loan which enabled Ed and Cayuga Homes to implement their strategy. Another job well done!”
Gerard Morgan Jackson, founder and sales director – structured property finance at UTB, said: “We were delighted to work with Craig and Ed in structuring a deal delivering exactly what they needed.
“It was a complex request, with several parties in the capital stack and a desire to complete the loan quickly.
“At UTB we understand that clients’ needs are often not straightforward and rather than forcing them into a product which doesn’t fully meet their needs, we will try to structure a bespoke solution.”
