United Trust Bank is funding a £30m mixed use residential and commercial development in Bermondsey, South London, by Featherstone Homes which will create 61 new apartments and 1600m2 of flexible ground and first floor commercial space.
The development will comprise four new blocks of 5-9 storeys situated close to two mainline train stations within 5 minute rail journeys of London Bridge and Canary Wharf. The 61 apartments include designated affordable and shared ownership units and each will have a balcony as well as use of communal spaces and play areas including rooftop terraces.
Featherstone Homes have been developing high quality residential and mixed use schemes around South London since 2015. However the management team have over 100 years of collective experience in the housebuilding industry and a strong track record of successful developments. They have built a reputation for creating houses and apartments offering the best of design, location, quality, craftsmanship, and practicality as well as restoring characterful older buildings and transforming them into contemporary homes.
United Trust Bank is providing c£20million of funding for the scheme over three years and Featherstone Homes and their equity partner, real estate debt specialists Global Growth Capital, are providing the additional investment required to complete the project. Work has begun on site with construction of the development expected to take 2 years.
Philip Kirkwood, Director – Property Development, United Trust Bank commented: “I am delighted that UTB are supporting Featherstone Homes’ latest exciting development which will bring much needed new homes to a vibrant, up and coming area of South London. We have been keen to work with Featherstone for some time and although new customers to the Bank, the company’s strong management and demonstrable track record of success assured us that despite the substantial investment required, this was a project UTB should back.
“UTB is committed to supporting bespoke housebuilders like Featherstone Homes and we’re looking forward to working with Rowan, Alan and the team on this and future Featherstone developments.”
United Trust Bank
United Trust Bank (UTB) is an expanding specialist bank providing a wide range of secured funding facilities for individuals and businesses and deposit accounts for individuals, businesses and charities.
The Bank has dedicated divisions providing development finance, bridging finance, structured finance, asset finance and mortgages and their in-depth knowledge combined with commercial awareness makes it the lender of choice for finance brokers, developers and individuals seeking a high quality, bespoke service and a reliable source of funding.
UTB was named ‘Specialist Bank of the Year’ at the Bridging and Commercial Awards in 2021, 2019, 2018 and 2016 and is the only lender to have won the award four times.
United Trust Bank was incorporated in 1955. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. UTB is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. The Bank is a member of UK Finance, a Patron of the National Association of Commercial Finance Brokers (NACFB), a Member of the Finance & Leasing Association (FLA), the Intermediary Mortgage Lenders Association (IMLA) and a Member of the Association of Short Term Lenders (ASTL).