UTB completes £5.5m structured refinance
United Trust Bank (UTB) has completed a £5.5m refinance of a five-storey apartment block in Slough eight days after the facility was given credit approval.
The funding repaid the existing lender and released equity for the borrower to reinvest in new projects.
The scheme of 34 new apartments was developed and retained by Redsky Homes.
UTB’s structured finance division was able to appraise the security offered and offer a solution.
Tej Sekhon, managing director of Redsky Homes Group, said: “I was highly impressed with the extremely quick and smooth turnaround of this funding.
“Gerard and his team really understand the UK real estate industry and what’s important to investors and developers operating in this sector.
“They structured a solution on terms many lenders would not have considered and did so in days rather than weeks.
“I believe UTB are a bank I can grow with and look forward to working with them again in the future.”
Gerard Morgan Jackson, head of UTB’s structured finance division, added: “We support ‘value-add’ investor-developers and traders with tailored solutions around their circumstances and requirements rather than trying to shoehorn them into off the peg lending criteria.
“We provide quick decisions and completions helping customers grow their businesses over a series of projects across most property asset classes.
“With Redsky, we took a broader view than most lenders and rather than focussing on the security alone we took account of the customers’ considerable experience and ability to proactivity asset manage their existing investments.
“Consequently, we were able to offer a fast and flexible solution providing time and liquidity at competitive investment rates.”