United Trust Bank (UTB) Property Development has worked with Iron Bridge Finance to fund a £10m development in South London.
UTB is providing around £6m of senior debt to fund the development, with Iron Bridge providing c. £1m of mezzanine finance on top.
The scheme will see the redevelopment of a site formerly occupied by a 1930s house. Once removed, the developers will create 11 new apartments set across two blocks, each with either a garden or terraced balcony.
In addition, there will be two new semi-detached houses and one bungalow, designed for wheelchair accessibility and with its own adjoining parking space.
The 14 new homes have a combined GDV of c.£10m.
Luke Benton-Drury, director of property development at UTB, said: “I am delighted that UTB has the opportunity to once again collaborate with Edward Alexson and Iron Bridge Finance in supporting this venture.
“I hope this is the first of many schemes we support for this new customer and is the start of a successful and fruitful long-term relationship for us all.”
Edward Alexson, chief operating officer, at Iron Bridge Finance, added: “This scheme is another example of Iron Bridge collaborating with our trusted senior lending partner, UTB.
“It also reinforces our position as the leading mezzanine lender in the market, offering developers the reliable, flexible financing they need to maximize their project potential and achieve their goals.”
