United Trust Bank (UTB) Structured Property Finance has completed a £4 million commercial bridge refinance for property development and investment company Merchant Land.
The funding is secured against a multi-let industrial unit in Brentford, West London, which has planning permission for a 74-apartment residential scheme with parking.
utUTBb was approached by specialist property finance consultant Paula dDvine, who acted on behalf of Merchant Land to refinance existing debt on the property. The 24-month bridging facility allows the developer to lower finance costs while continuing to manage the site as an industrial estate ahead of its future residential development.
Merchant Land, an established London-based property developer and investor, has over 30 years’ experience and a strong track record in small and medium-sized projects in central and fringe central London.
Over the past decade, the company has delivered more than 50,000 sq ft of residential property in the capital and has over 200,000 sq ft of flexible office and residential developments in its pipeline.
The Windmill Lane development, for which planning permission has been secured, consists of two apartment blocks, delivering 59 private and 15 affordable homes.
Katherine Mccullough, head of Merchant Land, said: “We’re pleased to have been able to work with united trust bank to complete this deal, which forms part of a wider strategy to consolidate our financing.
“Windmill Lane is a site and development that has a great deal of potential, creating much-needed new homes in an excellent location.”
Devin added: “It was great to work with martin and the team at utb, and they proved once again why they’re always on my go-to lender list.
“They were supportive and proactive, structuring a suitable solution and working diligently with myself and the Merchant Land team to bring the deal to a successful conclusion.”
Martin Cameron, business development director – structured property finance at UTB, added: “It was great to work with Katherine and Paula in structuring a deal which gives Merchant Land the time to explore their options and execute their chosen strategy.
“Merchant Land has an excellent reputation in the development and rental sectors, and i hope this is the first of many occasions when utb can provide the funding they need to help deliver their objectives.”
