“UTB has the appetite and ability to deliver competitive and bespoke funding solutions from £2.5m to £35m, catering for a wide variety of residential, commercial and mixed-use scenarios.”
– Martin Cameron – United Trust Bank
United Trust Bank has completed a £35m build-to-rent refinancing facility for a near-complete office-to-residential conversion scheme close to Heathrow Airport, supporting the stabilisation of a 169-apartment rental development.
The structured loan, provided by the bank’s structured property finance team, refinances an existing facility on the £56m development delivered by international real estate developer Gold Wynn. The funding is intended to reduce financing costs while positioning the asset for long-term rental performance.
The project comprises 169 high-specification build-to-rent apartments alongside ground-floor commercial space. Although construction was almost complete at the time of lending, all apartments required final sign-off and were vacant.
Deal overview: Heathrow build-to-rent refinancing
United Trust Bank structured the facility to support the transition of the scheme into a fully operational rental asset.
Deal summary
Loan amount: £35m
Gross development value: £56m
Loan type: refinance and residential-led stabilisation facility
Term: 3 years
The funding was arranged by Martin Cameron, business development director in UTB’s structured property finance team (pictured).
The stabilisation loan allows Gold Wynn to refinance its previous borrowing, lower ongoing finance costs, and release equity for further development activity.
How the loan supports stabilisation
Although the development was largely complete, the apartments had not yet reached operational status. Each unit still required final regulatory sign-off before tenants could move in.
However, the scheme’s location near Heathrow Airport and the quality of the accommodation were expected to support strong tenant demand once the homes are fully released to the rental market.
The build-to-rent refinancing, therefore, provides a bridge between development completion and the point at which the asset becomes fully income-generating.
At the same time, the refinancing allows the developer to redeploy capital into its wider London development pipeline.
Investor and lender reaction
“We were impressed with the way Martin and the UTB team approached and executed this transaction,” said Mark Shooter, director of Gold Wynn Heathrow.
He added, “From the outset, they demonstrated a clear understanding of the scheme, our wider investment strategy, and the importance of delivering a facility that reduced our finance costs while positioning the asset for long-term hold. The process was efficient, collaborative and solutions-driven, and we look forward to building on this relationship in the future.”
“We were delighted to assist Gold Wynn with this facility, and it was a pleasure working with Mark and the highly experienced and knowledgeable Gold Wynn team to complete this substantial loan,” said Martin Cameron, business development director, structured property finance, United Trust Bank.
“UTB has the appetite and ability to deliver competitive and bespoke funding solutions from £2.5m to £35m, catering for a wide variety of residential, commercial and mixed-use scenarios. We enjoy working with experienced real estate investors and providing the funding they need to achieve their objectives, no matter how complex or challenging.”
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