The bank claimed that in the first six months of 2011, it matched the total value of new development facilities for the whole of 2010. UTB said 2011 will result in a 100% increase in business.
Noel Meredith, director at United Trust Bank believes that this increase in business is due in part to experienced developers seeing the opportunity to bring forward projects to markets which are lacking new home provision, and also the bank’s continuing appetite for lending in this sector.
Meredith said: “There is no doubt that we are benefiting now from a period when United Trust Bank continued to offer loans in the development finance sector when many other lenders either rationed their business or stopped altogether.
“We have seen a consistently strong level of business throughout the first half of 2011 and in June we achieved draw down on a record value and number of development finance transactions.
“Business introduced through intermediaries has continued to be innovative but realistic which enables us to offer bespoke solutions to their clients. We are hopeful that the entire development finance sector will continue to thrive in the second half of the year.”
UTB were unable to provide figures on their half year results.
