United Trust Bank (UTB) and LDS Sales Guarantees have joined forces to back the construction of a 27-unit apartment complex in Essex, boasting a Gross Development Value (GDV) close to £10 million.

The partnership is part of a 92% Loan to Cost (LTC) agreement, wherein LDS has provided a sales guarantee, finalized in just over a month. This arrangement has reduced the equity required from the developer, Laugan International Ltd, by releasing an upfront cash deposit of £780,000. Complementing this, UTB has committed £6.8 million towards the development funding of the project.

The upcoming development, located in central Hornchurch, will feature two three-storey buildings and a four-storey block, offering a mix of one-, two-, and three-bedroom apartments. Orla Costello, Senior Director of Property Development at UTB, expressed her enthusiasm about the collaboration, stating, “UTB is thrilled to back this promising development and to mark our inaugural deal with LDS.” She further added that they anticipate more collaborations with LDS in the future and are eager to support additional projects from Laugan International.