Development Loan

The project was a joint venture between two UBOs (ultimate beneficial owners) with a company established as the holding vehicle for the project, both UBOs were experienced property developers.

The development consisted of two linked buildings that were currently vacant but laid out as office accommodation and the Borrower had obtained planning permission to build 31 apartments on the site.

The scheme, once completed was “Help to Buy” registered and made available on the open market.

The loan was repaid through the sale of the units.

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