"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"
- Martin Cameron - United Trust Bank
United Trust Bank Structured Property Finance has announced that they have completed a £4m commercial bridge for property development and investment company, Merchant Land.
UTB was approached by specialist property finance consultant Paula Devine, acting on behalf of Merchant Land, with a view to refinancing the existing debt on the property.
Merchant Land is an established property development and investment company based in Central London with more than 30 years of experience. The company is mainly London-focused but actively explores key regional markets as well. It specialises in small and medium-sized projects in central and fringe central locations, delivering over 50,000 sq ft of residential properties in Central London in the last 10 years and has over 200,000 sq ft of flexible office space and residential property developments currently in its pipeline.
Merchant Land gained planning permission for the development, known as Windmill Lane, which comprises two new apartment blocks of 59 private and 15 affordable homes.
The 24-month refinance enables Merchant Land to lower their existing finance costs and manage the existing industrial estate, while moving towards future development plans.
“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," said Katherine McCullough, Head of Merchant Land, adding "Windmill Lane is a site and development that has a great deal of potential, creating much needed new homes in an excellent location.”
“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," added Paula Devine, specialist property finance consultant, "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,” she said.
Martin Cameron, Business Development Director – Structured Property Finance, United Trust Bank, commented: “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.”
