UTB refinances £26.9m South London mixed-use property with £16.2m investment facility
United Trust Bank (UTB) Structured Property Finance has provided a £16.2m investment facility to refinance a substantial £26.9m mixed-use residential and office property in South London.
The transaction was introduced to Andy Thomson in UTB’s Real Estate Finance division by Gordon Clements of Morgan Allen Property Surveyors on behalf of the Patel family.
The Patel family has a substantial real estate portfolio and has owned the property for more than 35 years with the site originally the home of one of the largest photographic processing facilities in the UK. The family subsequently redeveloped the site to create 24 residential apartments and approximately 18,500 sq ft of office accommodation.
The family intends to retain the asset for future generations and wished to refinance their existing expiring debt to a new 5-year facility at a competitive fixed rate appropriate for its long-term ownership strategy.
Deal highlights
- £16.2m investment facility
- £26.9m mixed-use residential and office property
- 61% LTV
- Five-year term
Jayesh Patel, representing the family, said: “This property has been part of our family’s portfolio for more than 35 years and remains an important long-term asset for us, so finding the right funding partner was essential. We wanted a solution which gave us certainty for the next five years without unnecessary complications. Gordon and the UTB team understood that from the beginning and worked together to deliver exactly what we required. We’re delighted with the facility and the way the transaction was handled by all parties.”
Gordon Clements of Morgan Allen Property Surveyors commented: “Our clients knew what they wanted from the outset – a competitive five-year facility from a lender that understood both the quality of the asset and their long-term plans for it. UTB took a pragmatic and commercial approach and the Structured Property Finance team at UTB were straightforward to deal with throughout. On a transaction of this size, having confidence that your lender understands the requirement and can deliver what it says it will, is hugely important. The process was smooth from start to finish.”
Andy Thomson from United Trust Bank’s Real Estate Finance division said: “This was a substantial transaction but, importantly, the client’s requirement was actually very straightforward. They had a high-quality, well-established mixed-use asset which had been in the family for more than three decades and simply wanted a competitive, long-term funding solution delivered efficiently and with certainty.”