United Trust Bank (UTB) has funded a £10.29m development by Ashcourt Group.
The funds are for a development of 22 new homes in a sea-front location in Bridlington, Yorkshire.
Barry Dillon, of specialist funding advisory service Newable Finance and acting on behalf of Ashcourt, approached UTB property development director, Hardeep Thandi, in December 2020 with a proposal for UTB to refinance Ashcourt’s existing loan and provide the additional funding required to complete the construction of the scheme.
Thandi worked closely with all parties and by mid January this year confirmed that the bank would provide the £6.03m facility Ashcourt required.
“UTB is keen to build strong, long-term relationships with housebuilders and developers across the Midlands and the North of England and I’m delighted that we’re funding this development occupying a truly unique seafront location,” Thandi said.
“The interest they’ve already had in the development speaks volumes about the quality of the homes and the outstanding views they enjoy.”
Ashcourt director, Kurt Bousfield, added: “Although we knew very little about each other at the outset, we were impressed with Hardeep’s enthusiasm and efficiency and UTB’s appetite and willingness to support our development in Bridlington with a sizeable £6m facility.
“We are looking to grow our residential development business over the next few years with several exciting projects in the pipeline. I’m sure there will be several opportunities for Ashcourt and UTB to work together again and build upon this successful start.”
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