UTB advised on £10m funding at Ashcourt development in Bridlington

14th July 2021

United Trust Bank (UTB) is providing the finance for the development of 22 new homes in a sea-front location in Bridlington, Yorkshire.

The new £10.29m development will be completed by Ashcourt (Bridlington) Ltd, part of the family-owned Ashcourt Group Ltd.

Manjit Virdee and the team advised UTB on the finance package.

“UTB is a specialist lender, requiring specialist legal expertise, which we at Schofield Sweeney can provide.  Hardeep and I have worked collaboratively for a number of years, we’re here to support housebuilders and developers. I wish all involved the very best for the future.” Manjit Virdee, Partner

Barry Dillon, of specialist funding advisory service Newable Finance, acting on behalf of Ashcourt (Bridlington) Ltd, approached United Trust Bank property development director Hardeep Thandi at the end of December 2020 with a proposal for UTB to refinance Ashcourt’s existing loan and provide the additional funding required to complete the construction of the scheme.

Despite Ashcourt Group being a new UTB customer, by mid January 2021 Thandi confirmed that the bank would provide the £6.03m facility Ashcourt required.

The new development is situated on land formerly belonging to Bridlington Golf Club and the 22 new homes, comprising of detached 4 & 5 bedroomed homes, will either enjoy uninterrupted views over Bridlington’s South Beach or back on to the golf course.

“Ashcourt Group is one of the most successful construction groups operating across Yorkshire and Humberside and they’ve built an excellent reputation for delivering great quality homes and large public sector projects. Although at times we were working to tight timescales, it has been a pleasure working with Barry Dillon of Newable, Kurt and his team at Ashcourt and Manjit Virdee and the team at lawyers Schofield Sweeney who pulled out all the stops to ensure the transaction was able to complete on time.” Hardeep Thandi, UTB

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