United Trust Bank Provides Fast Commercial Bridge to Enable Acquisition of a £25m Co-Living Development Opportunity
17 February 2026
United Trust Bank (UTB) Property Development has completed a £3.7m commercial bridging facility to support the acquisition of a former public house in North London with significant redevelopment potential.
The facility was provided to an SPV formed by experienced value-add investor-developers, including Bernard Margulies, Director of BMR Property Group, to fund the off-market purchase of The Hendon pub, ahead of planning approval. The borrower required certainty of funding within a tight timeframe and was committed to completing the acquisition before the planning decision had been issued. UTB was therefore approached to lend based on the existing use value.
Deal summary:
- Loan amount: £3.7m (including VAT loan)
- Loan type: Commercial bridging facility
- Term: 12 months
- Day 1 LTC: 75%
- Location: Hendon, North London
Subject to planning approval, the scheme will see the demolition of the existing building and the delivery of a modern public house and 76 high-quality co-living apartments with dedicated co-working space for residents. The development will range from three to five storeys and once complete will have a gross development value of approximately £25m.
Daniel Carlisle, from United Trust Bank’s Property Development team, met on site with the SPV’s principals just two weeks before the target completion date to discuss their requirements. A proposal was prepared swiftly and progressed through the Bank’s credit approval process the following week, enabling funds to be advanced in time to complete the purchase.
Planning approval, subject to Section 106, has since been achieved and discussions are now underway for UTB to provide development finance to support delivery of the scheme.
Bernard Margulies, Director of BMR Property Group commented:
“The success of this transaction was dependent on achieving a quick turnaround. I am delighted with how swiftly Daniel and the UTB team appraised and understood what we required and subsequently set about delivering the funding to complete the acquisition on time. I look forward to working with UTB again in the future.”
Daniel Carlisle, Senior Director - Property Development at United Trust Bank commented:
“In challenging markets, finding and securing off-market opportunities with the potential for planning gain can give experienced developers an important advantage. However, acquiring sites ahead of planning approval is not without risk and many lenders are understandably cautious.
“At UTB, we take a pragmatic and considered approach, focusing on the strength of the sponsor, the quality of the opportunity and the work already undertaken to de-risk the planning process. In this case, we were pleased to support a new customer with a time-critical acquisition and look forward to continuing the relationship as the project progresses into development.”
