United Trust Bank (UTB) has financed the acquisition of two gentle industrial premises as a part of a website meeting plan by Apex Capital Partners that might lead to the creation of 156 new flats in south London.
Apex Capital Partners is a non-public fairness actual property supervisor based in 2019 by skilled builders Paul Benardout and Jonathan Kor. The firm focuses on the acquisition, improvement, asset administration and operation of alternative belongings all through Greater London, utilizing its expertise and repositioning methods to produce increased capital values.
Laurence Foux of Business Finance 1st Ltd, approached UTB on behalf of Apex Capital Partners in June 2020 to fund the acquisition of an industrial warehouse within the centre of the Old Kent Road Opportunity Area which Apex believed had potential for redevelopment. With UTB funding that acquisition, Apex spent the subsequent six months negotiating with the homeowners of two adjoining gentle industrial premises with a view to assembling a residential-led, mixed-use scheme. With no planning in place, Apex wished to finance the acquisition of the 2 extra websites primarily based on their industrial values and subsequently add vital worth by pursuing an formidable planning utility to create 156 new properties in three new residence blocks with floor flooring industrial area.
UTB’s Structured Finance crew joined the mission and rapidly assessed the three properties, which have been totally let, and proposed a brand new £5.33m facility which included refinancing the primary property acquired by Apex in June 2020. UTB progressed the proposal rapidly and though there have been extra challenges introduced by the early 2021 pandemic lockdown, the proposal moved from credit score approval to facility drawdown in little greater than three weeks.
Paul Benardout, director of Apex Capital Partners, stated: “I’m very enthusiastic about this mission and I’ve been delighted with UTB’s assist to date. Their strategy was refreshing. Rather than merely trying on the acquisitions as one off transactions, they have been excited about our enterprise, our ambitions for the longer term and the way they may assist our progress transferring forward. This, coupled with their velocity and effectivity in delivering what we would have liked, gave me confidence that we have been constructing a long run relationship with a dependable funding associate which understood Apex and what we want to acheive. I hope this would be the first of many profitable collaborations with UTB.”