United Trust Bank Provides £6.35m Structured Refinance and Developer Exit Facility for £8.5m BTR Scheme
28 January 2026
United Trust Bank (UTB) Structured Property Finance has completed a £6.35m structured refinance and developer exit facility for Refresh Living, a successful build-to-rent (BTR) real estate development and management company, secured against a £8.5m BTR scheme in the South-West.
The funding was introduced by Julian King of BlueHorizon acting on behalf of Refresh Living, which was approaching completion of a 40-apartment BTR development across three blocks in Weston-Super-Mare. One block had already been completed and fully let, while the remaining two blocks required a small amount of final works completed before seeking tenants.
Refresh Living wished to refinance its existing development facility, reduce overall finance costs, and release equity from the scheme prior to practical completion and being fully let.
Deal Summary
- Loan amount: £6.35m
- Loan type: Refinance to Investment Loan plus Developer Exit Bridge rolling into additional Investment Loan
- LTV: 75%
- Term: 5-year investment loan
Following detailed due diligence, UTB’s Structured Property Finance team structured a bespoke dual-facility solution. This comprised a serviced five-year residential investment loan secured against the completed and income-producing block, alongside a three-month developer exit bridge with rolled interest secured against the remaining two blocks. Once works were completed, and the apartments let, the exit bridge was designed to roll into an additional residential investment loan.
This innovative approach enabled the borrower to take profit from the scheme, reduce funding costs, and transition smoothly from development to long-term investment finance. The incumbent lender was unable to match the flexibility or pricing offered by UTB.
Mark Thomas, Managing Director of Refresh Living commented:
“The solution provided by UTB allowed us to achieve our objectives and map out a straightforward route into a longer-term investment facility. Julian at BlueHorizon and Neil and the team at UTB did a great job working together to secure and structure this deal to suit all parties. I look forward to developing our relationship with further deals in the future.”
Julian King, Managing Director of BlueHorizon commented:
“It was a pleasure working with the teams at Refresh and UTB to structure a tailored capital solution that supports the project and the wider business plan. The flexibility from UTB has helped Refresh outperform its original investment targets whilst reducing the overall cost of capital. We’re very grateful for the Bank’s ongoing support, lead by Neil O’Shea, who demonstrated a wealth of experience throughout.”
Neil O’Shea, Business Development Director – Structured Property Finance, United Trust Bank commented:
“As an agile specialist lender backed by a strong retail deposits business, UTB has the capacity to deliver substantial, competitive funding packages, combined with a genuinely relationship-led approach.
“The Structured Property Finance team is particularly well suited to more complex, ‘outside the box’ transactions like this, where part-complete assets, phased lettings and bespoke exit strategies are required. By working closely with Julian King and the Refresh Living team, we were able to reduce the borrower’s finance costs, release equity and provide a clear route from development to long-term investment, on terms other lenders found difficult to match.”
