United Trust Bank (UTB) has announced two senior promotions within its Property Development division following a record first half of the year for new development funding originations.
Orla Costello, who joined UTB in 2014 and has nearly 20 years’ experience in banking, has been promoted to deputy head of originations – property development.
In her new role, she will co-manage the Property Development sales team alongside head of originations, Paul De Croos, with a particular focus on managing intermediary relationships and driving the Bank’s pipeline of high-quality development finance proposals from brokers.
Earlier this year, UTB passed £1.5bn in original development finance loan commitments, with over £1bn in drawn loans.
The lender also expanded into Build to Rent (BTR) funding, supporting purpose-built apartments and houses for long-term rental. UTB estimates its funding is currently helping to deliver around 4,500 new homes.
Costello has built one of the Bank’s largest development finance portfolios, with deals spanning a wide range of sectors.
Her expanded remit includes mentoring and supporting relationship directors and managers as UTB continues to increase its lending across England and Wales.
Ashley Collier has also been promoted to associate director – property development. She joined the team in 2021 and brings over 15 years of experience in real estate finance.
In her new role, she will develop and manage her own portfolio of housebuilders and developers across Greater London and the South of England.
Adam Bovingdon, head of property development at United Trust Bank, said: “Orla has been an outstanding originator for the Property Development team and I’m delighted that she’s going to be using her considerable skills and knowledge to help the Bank build even stronger relationships with development finance broker partners.
“What’s more, this new role gives her the opportunity to share her wealth of experience and assist our property development managers and associate directors in building their own successful portfolios and careers in real estate finance.
“Ashley has proven to be a dedicated and high performing member of the team, and she thoroughly deserves her promotion to associate director.
“I am sure that she will continue to build a successful portfolio of housebuilder and developer clients as well as relationships with broker introducers and help the Bank to achieve its ambitious growth objectives this year and in the future.”
Orla Costello, deputy head of originations – property development, said: “UTB has one of the most knowledgeable development finance teams in the industry and I’m looking forward to working with Paul De Croos to develop our reach with real estate finance brokers and intermediaries and supporting the originations team in delivering their and the Bank’s performance targets.”
