United Trust Bank (UTB) has completed a £25m structured refinance and investment facility with Rivers Birtwell on a HMO and student let portfolio.
The portfolio comprises a mix of more than 30 properties offering between five and nine bedrooms with a value of around £33m.
UTB worked closely with Bircroft Private to agree the £25m facility, which will enable Rivers Birtwell to deliver its strategic objectives.
Oliver Dorman, group CEO of Rivers Birtwell, said: “UTB have been pivotal in the growth of our business over the past 10 years. Their ability to tailor a facility that meets our specific needs and supports the continued growth of our portfolio has been unique. This has come from a willingness to truly understand both the opportunities, but also the challenges our business presents. We look forward to continuing this relationship in the future.”
Tom Robinson, director of Bircroft Private, added: “To facilitate the continued growth of the Rivers Birtwell business, the importance of a funding partner that understands the needs and aspirations of the borrower is key. Having successfully grown together over the last decade from the very first loan of only £250,000 to now locking in a £25m structured facility is a big moment, but is by no means the end of the story.”
Alex Tyrwhitt, director – structured property solutions at United Trust Bank, said: “At UTB we always aim to build strong, long-term relationships with our customers and introducers and I’m proud to say that UTB’s structured property finance team has supported various Rivers Birtwell projects and funding requirements for the best part of a decade. I am delighted to have completed this new £25m facility which will help the business continue to thrive. It was a pleasure to work with Tom, George, Oliver and the Rivers Birtwell team and I look forward to many more successful deals in the future.”
