UTB funds £10m seafront development in Yorkshire & Humberside
United Trust Bank (UTB) is funding a £10m development of 22 new family homes in a stunning and sought after seafront location.
The development will be situated on land formerly belonging to the town’s golf club with half of the new homes overlooking the beach and enjoying uninterrupted sea views and the rest overlooking the golf course.
Although the borrowers are new to UTB, the developers are part of a successful family-owned group of companies which have established a strong track record of building and selling excellent quality homes and delivering large private and public sector construction projects in various locations across Yorkshire, Humberside and the North East.
Following credit approval, a material title matter needed to be addressed with HM Land Registry. Once resolved, the Bank had only 14 days from receipt of the legal undertaking to complete the DD to ensure the Borrower met a completion deadline with their existing lender. All parties worked tirelessly and met the challenging two week delivery timescale by the end of March.
The developers began off-plan marketing for the Easter Weekend and achieved 8 sales reservations. Construction on the site is due to begin shortly.