"Throughout the process, we worked closely with United Trust Bank who thanks to their support and flexibility, provided the funding and together, we successfully structured a 12-month deal, enabling the borrower to take this significant next step in their development career"
- Saam Lowni - Merryoaks Property Finance
Merryoaks Property Finance is proud to announce the successful completion of a £5.9m development loan with United Trust Bank for a £9.8m GDV scheme comprising six contemporary units in Essex.
Despite challenges, Merryoaks facilitated successful negotiations across all aspects of the deal, including lender agreements, solicitor coordination, JV landowner discussions, tenant eviction, insurance provisions, and valuation negotiations.
“This was an exceptionally complex transaction that required strategic problem-solving at every stage," explained Saam Lowni (pictured), Founder at Merryoaks, "The developer was stepping up from a single-unit (£1.6m GDV) project to a six-unit scheme, significantly increasing both the construction budget and GDV, which made securing lender support challenging.
"Throughout the process, we worked closely with United Trust Bank who thanks to their support and flexibility, provided the funding and together, we successfully structured a 12-month deal, enabling the borrower to take this significant next step in their development career.”
Luke Benton-Drury, Director of Property Development at United Trust Bank added, “I am delighted that UTB is supporting this exciting scheme, and it has been a pleasure to work with Merryoaks in structuring a solution which enables the customer to step up to a significantly larger project.
“UTB is committed to supporting regional housebuilders as they play an important role in delivering the UK’s stretching new housing targets. We are always keen to consider proposals from experienced and capable housebuilders and recognise that in addition to creating new homes, their activities also provide a significant boost to the national and local economies.”
