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UTB provides £6.25m commercial bridge
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United Trust Bank (UTB) has completed a £6.25m commercial bridging loan to refinance a large warehouse and trade counter in London.
The £11m property, currently let below market rent to a single, long-term tenant, includes a rolling tenant and landlord break clause.
The 60% LTV, 36-month loan gave the customer time to explore various asset management opportunities, including the redevelopment of the site into a residential-led mixed-use housing scheme.
Interest payments will be serviced from the passing rent, with a small shortfall to be rolled up to an interest reserve within the gross loan facility.
Aaron Strutt, director at Trinity Specialist Finance, says: "There are a lot of lenders offering bridging loans at the moment and there is a lot of competition to issue large loans to developers building homes or refinancing developments. UTB has a good reputation in the industry and a track record of issuing large bridging loans."
Call Trinity Specialist Finance to secure a bridging loan on 020 7016 6151 or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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