United Trust Bank (UTB) has provided a £16.2m investment facility to refinance a £26.9m mixed-use residential and office property in South London, structured at 61% LTV on a five-year term.
The deal was introduced to Andy Thomson in UTB’s real estate finance division by Gordon Clements of Morgan Allen Property Surveyors, acting on behalf of the Patel family.
The family has owned the South London site for more than 35 years. Originally home to one of the largest photographic processing facilities in the UK, the site was subsequently redeveloped to create 24 residential apartments and approximately 18,500 sq ft of office accommodation.
The refinance replaces expiring debt and locks in a competitive fixed rate suited to the family’s long-term ownership plans. The Patel family intends to retain the asset for future generations, making the five-year term and pricing certainty central requirements for the transaction.
“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,” explained Jayesh Patel, representing the family.
“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 said, “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 of UTB’s real estate finance division added, “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.”
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