United Trust Bank has expanded its living sector proposition, launching a range of lending solutions to enable developers to build, let and operate purpose-built student accommodation (PBSA).
Finance will be provided to experienced developers and support projects in established university locations across England & Wales.
Loans are available for new-builds, conversions and refurbishments, with committed terms of up to 60-months to support all project phases including acquisition, development, stabilisation, and investment period, as required.
Loans are available from £7.5m to £35m up to 65% loan-to-gross-development-value (LTGDV) and up to 85% loan-to-cost (LTC).
Earlier this year UTB appointed Andy Thomson to the new role of senior director for operational real estate. Andy has been working closely with Ben Jenkinson, head of product and strategy, in developing the Bank’s living sector offer, which also includes build to rent and co-living finance.
Adam Bovingdon, head of property development at United Trust Bank, commented: “The UK PBSA sector presents exciting opportunities to developers and for UTB in supporting schemes which will help to address the shortage of good quality student accommodation.
"We look forward to supporting experienced developers and operators from initial land or building acquisition, through construction, and stabilisation and into a long-term interest-only investment loan. This end-to-end solution simplifies the finances for PBSA developers, enabling them to concentrate on delivering successful schemes, without the need to switch lenders. I am confident that our new offering will be warmly received by the market, enabling many high-quality new homes for students over the coming years.”
