United Trust Bank led and participated in providing a financing package to assist new company, Heritable Partners, in its acquisition of the structured property finance business of Heritable Bank (in administration).<br> <br> Heritable, a UK registered bank founded in 1877, is owned by Landsbanki Islands of Iceland and was placed in administration in October 2008.<br> <br> On entering administration, Heritable's Structured Property Finance loan book stood at around £400 million secured predominantly against residential developments in London and the south east. The administrator quickly concluded that running the book down in an orderly fashion to include continuing to advance funds to complete schemes and support borrowers was in the best interests of the creditors and this has proven to be the case.<br> <br> Noel Meredith, director at United Trust Bank says: "It was a complex transaction, refinancing a diverse pot of development finance loans."