United Trust Bank (UTB) and Iron Bridge Finance are celebrating a decade of partnership with the completion of a new funding solution supporting a 42-unit residential development in North London.
The milestone brings the total number of new homes created through their collaboration to 558, with a combined gross development value (GDV) exceeding £213m.
Since 2015, UTB and Iron Bridge have jointly funded 17 developments across England, from Cambridgeshire and the Midlands to the South Coast.
Together, they have provided over £166m in senior and mezzanine debt, with UTB contributing £129m and Iron Bridge £37m.
Four additional joint projects are currently in the pipeline, representing a further 212 homes and £90m GDV.
The latest project involves the acquisition and redevelopment of a redundant office building in North London, with plans to convert it into 42 apartments and add a further 18 units through airspace development.
UTB is providing just over £7m in senior funding, with Iron Bridge contributing more than £4m in mezzanine finance. The total GDV is expected to exceed £20m once enhanced planning is secured.
Adam Bovingdon, head of property development at United Trust Bank, said: “We are delighted to celebrate this fantastic milestone with Iron Bridge Finance.
“Reaching 558 new homes with a GDV of over £213m financed together is a testament to the strength of our long-standing partnership.
“Since our first meeting with Lance, it was clear that he and the team shared our commitment to supporting ambitious housebuilders and developers.
“Over the last 10 years, our collaboration has consistently delivered innovative funding solutions that help bring much-needed homes and regeneration projects to life.
“Successful solutions like the one supporting this exciting North London scheme show just what can be achieved when two specialist lenders work together with a common goal, helping to create outstanding places for people to live. We look forward to many more successful years working together.”
Lance Joseph, CEO of Iron Bridge Finance, said: “This milestone means a great deal to all at Iron Bridge Finance.
“From my first conversations with Adam and the team at United Trust Bank, it was clear we shared the same vision, to back ambitious developers with innovative funding solutions and create real places for people to call home.
“Our partnership extends beyond funding, shown in our joint charity work supporting rough sleepers.
“Over the past 10 years, we’ve built not only a strong professional relationship but lasting friendships, enabling sites that might otherwise never have been delivered.
“With a strong pipeline ahead, supporting developers to create 212 new homes and with a GDV of £90m, we’re excited about what the next chapter with UTB will bring.”
