United Trust Bank provides £3.7m bridge for Hendon pub scheme
Original Article Summary
United Trust Bank has completed a £3.7 million commercial bridging facility for the acquisition of a former public house in Hendon, North London. The property is planned for redevelopment into 76 co-living apartments with a gross development value of approximately £25 million. The post United Trust Bank provides £3.7m bridge for Hendon pub scheme appeared first on PropertyWire.
PropMatch Curated Analysis
United Trust Bank provided £3.7m bridging finance for acquiring a Hendon pub for conversion to 76 co-living units with £25m estimated GDV. The deal completed in 2 weeks before planning approval, demonstrating lender appetite for off-market opportunities with strong sponsors.
Investor Relevance
Shows viable financing options for pub conversions and co-living developments, with specific LTV ratios and terms. Demonstrates that specialist lenders will fund pre-planning acquisitions for experienced developers, potentially opening opportunities for investors seeking alternative residential formats.
Original Source:
PropertyWireStay Updated
Subscribe to our weekly briefings for curated property news and insights