UTB provides last minute £6.7m loan for 25-home development

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  • 08/04/2021
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UTB provides last minute £6.7m loan for 25-home development
United Trust Bank (UTB) has provided a £6.7m loan to fund a development of 25 family homes in Cumbria.

 

The project is being completed by Genesis Homes in a joint venture with Housing Growth Partnership. It consists of a mix of two to five-bedroom houses and bungalows. 

Funding from UTB was required at short notice when the original lender withdrew its funding at the start of the Covid-19 pandemic, just before Genesis Homes was set to complete the site acquisition.  

The developer approached the lender’s property development director Huw Jenkins for the loan. 

Nicky Gordon, managing director of Genesis Homes, said: “Having our original funding offer pulled as we were about to complete our purchase of the site was far from ideal. Fortunately, I was aware that UTB was continuing to lend, despite the added complications and uncertainty surrounding the Covid-19 pandemic.  

Huw quickly appraised our proposal, liaised with Housing Growth Partnership and very soon afterwards confirmed that UTB would provide the funding we needed to acquire and develop the land.  

Jenkins added: “Although Genesis Homes is a relatively young company, it’s evident from their success over the last few years that they’re a company with a great reputation and a bright future.  

“2020 was a challenging year for most housebuilders and I’m delighted UTB was able to step in at short notice and enable Nicky and the Genesis Homes team to crack on with this excellent new development.” 

 

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