UTB refinances £34m development in Cornwall

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  • 27/10/2020
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UTB refinances £34m development in Cornwall
United Trust Bank (UTB) has agreed to provide a £22m development loan to refinance 53 apartments in Cornwall.

 

The project is being undertaken by Acorn Property Group and the loan will settle the original funding while £4m will be used to complete internal construction works. 

The apartments are situated near Gyllyngvase Beach and range in price from £325,000 for a one-bedroom apartment to £1.6m for a three-bedroom duplex penthouse apartment. 

The development is expected to be completed by January 2021. 

Melanie Omirougroup managing director and funding director of Acorn Property Group, said: “We enjoy working with Jonathan and United Trust Bank and value the strong relationship we’ve established over the years.

“UTB understand property and our needs as borrowers and when we were looking to refinance the development, Jonathan was the first person I called.  

Despite the additional challenges and uncertainty presented by the Covid-19 restrictions, UTB came back to us with a quick decision and swiftly arranged to settle the existing finance and pay out what we needed to complete the scheme.” 

Jonathan Nail, director – property development at United Trust Bank, added: “Having financed several of their successful developments over recent years we were very happy to step in when they decided to refinance The Liner and are delighted that UTB will be on board for the completion of this prestigious development.” 

 

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