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United Trust Bank refinances Leeds student site with £5 million bridge
14 October 2026 | Refinancing | UK | 334 beds | Re-development
The 12‑month facility gives McLaren Property time to refine its consented campus scheme before securing construction funding.
Key details
Asset type | Re‑development |
Location | Leeds, UK |
Capacity | 334 beds |
Borrower | McLaren Property |
Lender | United Trust Bank |
Debt advisor | Ardant Partners |
Value | £5 million |
Source: United Trust Bank
Springfield House, a Grade II‑listed former office and medical building on the University of Leeds campus, was acquired in 2023 and has planning consent for a 334‑bed student accommodation scheme.
The bridge replaces the acquisition loan and releases additional capital while McLaren considers layout improvements and a forward‑funding or development‑finance partner. UTB reports a 63% loan‑to‑value ratio against the site’s £8 million current value.
Strategic context
The campus location gives McLaren a defined student catchment, while the reuse of a Grade II‑listed building offers scope to create differentiated accommodation without assembling a new site. The bridge allows the developer to refine the consented layout and assess forward funding alongside a conventional development‑finance structure. That choice affects when an investor commits capital and how construction and first‑time leasing responsibilities are allocated.
For a prospective funding partner, the opportunity rests on converting an established university location into an operating residence at a viable cost, with heritage constraints and the revised design central to that assessment.
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