United Trust Bank completes £4m commercial bridge refinance for Merchant Land

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windmill lane

United Trust Bank (UTB) Structured Property Finance has completed a £4 million commercial bridge on a multi-let industrial unit in Brentford, West London, for successful property development and investment company, Merchant Land.

The site has planning permission for a residential scheme comprising 74 apartments and parking.

UTB was approached by specialist property finance consultant Paula Devine, acting on behalf of Merchant Land, with a view to refinancing the existing debt on the property.

Merchant Land is an established property development and investment company based in Central London with more than 30 years experience.

The company is mainly London focused but actively explores key regional markets as well.

It specialises in small and medium-sized projects in central and fringe central locations, delivering over 50,000 sq ft of residential properties in Central London in the last 10 years and has over 200,000 sq ft of flexible office space and residential property developments currently in its pipeline.

Merchant Land gained planning permission for the development, known as Windmill Lane, which comprises two new apartment blocks of 59 private and 15 affordable homes.

The 24-month refinance enables Merchant Land to lower their existing finance costs and manage the existing industrial estate, while moving towards future development plans.

Katherine McCullough, Head of Merchant Land, commented: 

“We’re pleased to have been able to work with United Trust Bank to complete this deal, which forms part of a wider strategy to consolidate our financing.

Windmill Lane is a site and development that has a great deal of potential, creating much needed new homes in an excellent location.”

Paula Devine, specialist property finance consultant, commented:

“It was great to work with Martin and the team at UTB and they proved once again why they’re always on my go-to lender list.

They were supportive and proactive, structuring a suitable solution and working diligently with myself and the Merchant Land team to bring the deal to a successful conclusion.”

Martin Cameron, Business Development Director – Structured Property Finance, United Trust Bank, commented:

“It was great to work with Katherine and Paula in structuring a deal which gives Merchant Land the time to explore their options and execute their chosen strategy.

Merchant Land has an excellent reputation in the development and rental sectors, and I hope this is the first of many occasions when UTB can provide the funding they need to help deliver their objectives.”