UTB has been approved for accreditation by the British Business Bank as a lender for the government backed Coronavirus Business Interruption Loan Scheme (CBILS).
The UTB CBILS facilities are available to house builders, developers and property investors. These loans can share security with the existing UTB product suite, thereby increasing facilities to £25m.
These can be used for property development, investment or bridging facilities across residential, commercial and mixed use schemes.
Noel Meredith, executive director of United Trust Bank, said: “The COVID-19 pandemic has had a profound effect on the UK economy and its businesses.
“Many SME house builders and developers are suffering from the consequences though these may take time to become fully apparent.
“Construction programmes have extended, supply chains are disrupted, sales markets are uncertain in both in terms of transaction volumes and value.
“All of these create additional costs and funding needs at a time when funding markets are disrupted and lenders are being cautious due to overwhelming uncertainty.
“United Trust Bank is experienced through the cycle lender with a deep understanding of the challenges faced by SME house builders, developers and property investors and what they need from a specialist finance partner in uncertain times.
“These CBILS facilities are designed to enable new and existing UTB customers to keep building, developing and investing in property across England and Wales.
“The UK is facing deep economic uncertainty, but we must continue to tackle the nation’s growing housing shortage. SME house builders, developers and investors have a significant and important role to play in that endeavour and United Trust Bank will continue to support them with innovative funding solutions.”
The Bank will also begin offering CBILS Asset Finance facilities later this month.
Source: Mortgage Introducer, June 19 2020