United Trust Bank (UTB) Structured Property Finance has provided a £1.5m planning gain facility to Leyton Cross Holdings Ltd.
The two-year loan gives the company time and flexibility to maximise its investment in a 10-acre mixed use site near Dartford on the outskirts of London.
UTB’s Structured Property Finance team was approached by Greg Begley, managing director of independent specialist corporate banking and debt advisory consultants GGW Corporate Services Ltd, on behalf of Edward Jones, principal of Leyton Cross Holdings Ltd and a ‘value add’ property developer.
Leyton Cross Holdings has owned the land for over three years and as it was reaching the end of its existing finance term, the company wished to refinance the facility with a new lender. At present a B8 storage business is operated on part of the land and there is also a tenanted residential property and several acres of paddock. Following a positive feasibility study from independent planning consultants, the borrower intends to use the term of the loan to obtain planning permission for a residential development on the site.
Jones said: “Having worked with Greg on many projects over the years I’ve come to trust his judgement on property finance options implicitly. Although I was aware of UTB and their reputation, I hadn’t had first hand experience. However, once Greg had introduced us I immediately knew he had made a great recommendation.
“I’ve had numerous conversations with Alex Mills and others in UTB’s Structured Property Finance team and their approach has been professional and refreshingly positive. This is an unusual site but the team’s experience and commitment to expediting the completion meant they dealt with any queries quickly and without fuss. I’m sure this won’t be the last time we work together.”
Begley said: “This is the first opportunity we’ve had to work with UTB and I’m very pleased to say that the experience from start to finish has been excellent. The Structured Property Finance team have been outstanding.
“From our initial discussions their approach has been positive and pragmatic. They quickly got to grips with the scenario and what Edward required, were very commercial when structuring the solution and delivered what they promised in an efficient and timely fashion. I look forward to this becoming a long and successful relationship.”
Gerard Morgan Jackson (pictured), head of Structured Property Finance – United Trust Bank, added: “We consider a wide variety of residential, commercial and mixed use proposals and at UTB we believe in working closely with advisors and their clients to find solutions which work for all parties.
“On this occasion we were delighted to work with Greg Begley in structuring a bespoke facility on an unusual security. His involvement and expertise helped us to complete due diligence without fuss or delay and ultimately provide Edward with the funding he needs to maximise the return on his investment. This combined with Edward’s experience and successful track record assured us that this was a project UTB would be pleased to support.”
