UTB completes £5.5m refinance eight days post-credit approval

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  • 05/12/2019
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UTB completes £5.5m refinance eight days post-credit approval
United Trust Bank (UTB) has completed a £5.5m refinance of a five-storey apartment block in Slough with completion taking place just eight days after the facility was given credit approval.

 

The funding  was used to repay the existing lender, and release equity to allow the borrower to reinvest in new projects. 

The scheme of 34 new apartments was developed and retained by Redsky Homes. 

Redsky Homes Group is a property development company founded in 2008 which identifies sites with planning gain potential to deliver homes either for sale or to retain for the company’s rental portfolio. 

Following the completion, Redsky Homes are negotiating on another project with UTB’s Structured Finance team. 

Tej Sekhon, managing director of Redsky Homes Group, said: “I was highly impressed with the extremely quick and smooth turnaround of this funding. 

“They structured a solution on terms many lenders would not have considered and did so in days rather than weeks. I look forward to working with them again in the future.”  

Gerard Morgan Jackson (pictured), 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.  

“Consequently, we were able to offer a fast and flexible solution providing time and liquidity at competitive investment rates.” 

 

Record second charge mortgage completed 

UTB also recently completed its largest second charge mortgage worth £352,000.  

The loan, introduced by Brightstar Financial, enabled the borrowers to repay a private loan, complete home improvements and purchase a car. 

Arranged on a two-year fixed rate, it allowed the applicants to avoid early repayment charges (ERC) on their first charge mortgage, and tied in with the fixed rate period remaining on their term.  

The applicants also made use of UTB’s facial recognition ID service which removed the need for them to visit a solicitor. 

Bradley Moore, managing director of Brightstar Financial, said: “This is another example of the versatility of second charge mortgages, allowing the client to satisfy all of their capital raising needs and avoiding their first charge ERC at the same time.  

“The loan size and purpose further demonstrates the change in customer profile of the average second charge borrower over recent years.” 

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