United Trust Bank refinances £26.9m South London property

United Trust Bank has provided a £16.2m investment facility to refinance a £26.9m mixed-use property in South London. The asset is owned by the Patel family, who have held the property for over 35 years.

Originally one of the largest photographic processing facilities in the United Kingdom, the site has been redeveloped to include 24 residential apartments and approximately 18,500 sq ft of office space. The new five-year fixed-rate facility was structured at 61% loan-to-value to replace expiring debt and provide long-term rate certainty for the family.

The transaction was introduced to United Trust Bank’s real estate finance division by Gordon Clements of Morgan Allen Property Surveyors. Jayesh Patel, representing the family, stated that the goal was to find a funding partner that understood their long-term strategy of retaining the asset for future generations.