The borrower is an SPV managed by privately owned real estate investment management business Northhold Group.

The loan will refinance the existing funding facility and release equity from the completed development as the commercial units are let on new occupational leases.

The ground floor and basement have been anchored by a well-known retailer, and the refurbished offices on the upper five floors are vacant but being marketed.

Being new-to-bank borrowers with private investors across multiple jurisdictions, there were complex KYC due diligence requirements.

Despite this, UTB’s Structured Property Finance team worked closely with the customer and their advisor, Gareth Rees of GDP Funding, to structure a bespoke solution.

UTB agreed to provide a £5m commercial bridge for a three-year term with interest retained for the letting up period, after which the interest will be serviced.

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Equity will be released in two tranches: the first upon practical completion and the remaining sum when rent has stabilised.

The full £5m facility represents 60% of the stabilised LTV.

Alan Bruner, director at Northhold Group, commented: “Martin [Cameron, business development director of structured property finance at UTB, pictured above] and the team at UTB worked closely with Gareth and quickly got to know us, the asset and our requirements, and set about structuring a solution which gave us the equity and flexibility we needed with competitive pricing.

“With an extensive pipeline of schemes in play, I am sure we will have opportunities to work with UTB again on future projects.”

Martin, said: “We were delighted to have this opportunity to work with Alan and his experienced team in putting together a bespoke structured solution which met his and his investors’ needs and we very much look forward to working with Alan again in the future.”