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UK: United Trust Bank (UTB) has provided £35.5 million to support a new mixed-use build-to-rent (BTR) development in south-west London.
The development, Wandle Place, will include 96 BTR apartments and approximately 9,000 square feet of commercial space in Earlsfield. The completed project is estimated to be worth £51.1 million.
Wandle Place has already attracted strong rental demand. Within seven weeks of marketing, nearly half of the apartments securing agreed tenancies.
The £35.5 million is a five-year loan provided by UTB’s Structured Property Finance team to the developers, Dominus New Homes. This allows Dominus New Homes to take some of the money it had previously invested in the project back out, as the development is nearly complete.
The loan was structured at 70 per cent loan-to-value (LTV) and provides funding through the initial letting period into the investment phase. Stan Lersch, founder of Property Finance Services acting for Dominus New Homes, introduced this opportunity to UTB’s Martin Cameron.
“At £35.5 million, this is a substantial commitment to a new UTB customer, and a good example of how our Structured Property Finance team can provide flexible, commercially attractive funding for larger and more complex property transactions,” Cameron said.
The agreement also includes reducing the lending margin once rental income has reached an agreed interest cover ratio (ICR), which is expected within three to six months after the Wandle Place development is complete.
“With the development nearing completion, the priority was to secure a funding solution which would refinance the existing facility, release some equity and provide long-term certainty without the need for another refinancing exercise in a few months’ time,” Lersch said. “UTB understood exactly what we were trying to achieve and came back with a well-structured proposal which worked for the clients both immediately and over the longer term.”
Chris Mason, director of Dominus New Homes, added, “With UTB’s funding in place, we can concentrate on getting the remaining apartments let, welcoming our first residents and making this a development people will be delighted to call home.”
Andy Thompson of UTB will be speaking at Urban Living Festival on February 16 2027. Click here to find out and more and see if you qualify for a no-cost ticket.
Highlights:
• United Trust Bank (UTB) has provided a £35.5 million, five-year loan to Dominus New Homes for Wandle Place, a mixed-use build-to-rent development in Earlsfield, south-west London. The completed scheme is estimated to have a gross development value of £51.1 million
• Wandle Place will comprise 96 rental apartments and approximately 9,000 sq ft of commercial space. The development has already recorded strong rental demand, with nearly half of its apartments securing agreed tenancies within seven weeks of marketing
• UTB’s Structured Property Finance loan refinances Dominus New Homes’ existing development loan and releases some of the developer’s invested equity as the scheme approaches practical completion. The facility is structured at 70% loan-to-value (LTV) and provides funding through the initial letting period and into the investment phase
• The loan includes a potential reduction in its lending margin once Wandle Place achieves an agreed interest cover ratio (ICR), a measure of rental income relative to interest costs. This milestone is expected within three to six months of the development’s completion
• The financing was introduced by Stan Lersch of Property Finance Services and arranged with UTB’s Martin Cameron. Dominus New Homes said the funding will allow it to focus on letting the remaining apartments and welcoming residents, while providing longer-term financing certainty without another near-term refinancing
