United Trust Bank

UTB refinances £34m luxury seafront development



United Trust Bank (UTB) has agreed to refinance a development of 53 luxury apartments by housebuilder Acorn Property Group.

Acorn Blue’s ‘The Liner’, in Falmouth, Cornwall, combines a coastal location with contemporary design. 

The apartments enjoy views over Gyllyngvase Beach and range in price from £325,000 for a one-bedroom apartment to £1.6m for a three-bedroom duplex penthouse apartment.

Construction of the development is well underway, and Acorn has already secured reservations on 30 of the apartments, and has pre-let the ground-floor commercial space to a well-known grocery retailer. 

UTB is providing a 12-month development loan of circa £22m to settle the original funding and provide the £4m required to complete the largely internal construction works remaining.

The loan is against a GDV of £34m, making the LTGDV 65%.

“Acorn Blue have established an unrivalled reputation for delivering exceptional homes in the most outstanding coastal locations,” said Jonathan Nail, director of property development at UTB. 

UTB has funded a number of its previous developments, including The Dunes in Perranporth, Cornwall, and The Rest in Porthcawl, Wales. 

“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.”

Melanie Omirou, group managing director and funding director at Acorn Property Group, added: “We enjoy working with Jonathan and UTB and value the strong relationship we’ve established over the years. 

“UTB understands 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.”


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