United Trust Bank (UTB) Bridging BDM Gemma Roberts was approached by Paul Atkinson, founder of Forecast Finance, to assist with an unusual regulated bridging proposal.
Paul’s client had completed the development of a stunning 10,000 sq ft new country house set in 12 acres of grounds and situated in a highly desirable Home Counties location. The borrower lived on the site before undertaking the substantial build and was still technically their main residence, hence why the loan had to be regulated.
Gemma arranged an introductory call between UTB, Paul Atkinson and the customer to better understand the borrower’s background and future strategy. They wanted to refinance their existing development loan and repay unsecured debt used to furnish and dress the property to a very high specification which they felt would maximise the value and saleability of the property. Refinancing would give them 12 months to properly market the unique home and achieve the best possible sale price.
With close collaboration between Gemma, Paul and Bridging Underwriter Louise O’Calaghan, and following considerable due diligence on the market and valuation for such a large new country house, UTB was happy to provide the £5.2m loan required.
| Borrower | Owner / Developer |
| Amount | £5.2 million |
| Loan Type | Regulated Developer Exit Loan |
| Location | Home Counties |
| Term | 12 months |
| Loan Purpose | Refinance of development loan and repay unsecured debt used to complete high spec internal furnishing |
| Special Features | Regulated loan Introduced by Broker Forecast Finance |