United Trust Bank (UTB) has bolstered its property development offer hiring Andy Thomson to lead its activity in the build-to-rent (BTR) sector.
Thomson, who has more than 30 years of banking experience, joins UTB as senior director – operational real estate in the company’s property development business from Bank of London and Middle East, where he was head of real estate finance and private banking.
He previously held senior roles with a variety of lenders including RBS, Bank of Scotland and Secure Trust Bank and worked in the real estate debt advisory team at Avison Young.
In his new role, he will initially focus on delivering loans to developers and investors operating in the BTR sector, before exploring opportunities in adjacent markets including purpose-built student accommodation and co-living.
Adam Bovingdon, head of property development at United Trust Bank, said: “Andy’s appointment follows a very successful year for property development at United Trust Bank. For the first time in the bank’s history, we credit sanctioned over £1bn of funding for a variety of residential and mixed use schemes across England and Wales and by the end of 2024 our loans were helping our housebuilder and developer customers create around 4500 new homes.
“Build-to-rent, and the wider UK living sector, presents a great opportunity for the bank and Andy’s experience and contacts will help us to develop UTB’s proposition and activity in this increasingly important and exciting market.”
Thomson added: “I am excited to have joined such a highly regarded bank with an impressive track record. The UK living sector is an attractive real estate asset class for domestic and international capital seeking high quality investment and development opportunities. 2024 saw more than £5bn invested into the UK BTR sector and the UK government’s goal to deliver 1.5m homes over the next five years is an important catalyst for further growth.
“Multi-family BTR apartment developments in London and the key regional cities have been the initial focus for the market and it’s exciting to see this expanding into other smaller UK towns and cities, as well as the increasing focus on single-family BTR developments. UTB is keen to consider all types of schemes proposed by experienced operators.”
