United Trust Bank (UTB) is to refinance 53 luxury apartments being developed by housebuilders Acorn Property Group.
The development is called The Liner and is in Falmouth, Cornwall. With construction of the development well underway, Acorn has already secured reservations on 30 of the luxury apartments and has pre-let the ground floor commercial space to a well-known grocery retailer.
The apartments, which enjoy views over Gyllyngvase Beach, range in price from £325,000 for a 1 bedroom apartment to £1.6m for a 3 bedroom duplex penthouse apartment.
Completion of the development is due to take place by January 2021.
United Trust Bank have a longstanding relationship with Acorn Property Group having funded several of its previous developments including most recently The Dunes in Perranporth, Cornwall and The Rest in Porthcawl, Wales. On this occasion United Trust Bank is providing a circa £22m development loan to settle the original funding and provide the £4m required to complete the largely internal construction works remaining.
Melanie Omirou, group managing director of Acorn Property Group, said: “We enjoy working with Jonathan and United Trust Bank and value the strong relationship we’ve established over the years. UTB understand property and our needs as borrowers and when we were looking to refinance the development, Jonathan was the first person I called.
“Despite the additional challenges and uncertainty presented by the Covid-19 restrictions, UTB came back to us with a quick decision and swiftly arranged to settle the existing finance and pay out what we needed to complete the scheme.”
Jonathan Nail, director – property development, United Trust Bank, added: “Acorn Blue have established an unrivalled reputation for delivering exceptional homes in the most outstanding coastal locations.
“Having financed several of their successful developments over recent years we were very happy to step in when they decided to refinance The Liner and are delighted that UTB will be on board for the completion of this prestigious development.”