<p>United Trust Bank (UTB) is to fund an £11 million redevelopment of a former hotel site on the north coast of Cornwall.</p> <p>UTB said the developer approached it in October, seeking funding to complete the purchase of the site and the construction of a three-storey building of 14 apartments above ground floor retail and leisure space. “Time was of the essence as the purchase of the site was due to complete in the first half of November,” UTB explained. </p> <p>Coronavirus restrictions made it difficult to visit the site or meet the principals in person before a credit decision was required. “However, a UTB representative carried out Zoom meetings with the principals and undertook to visit the site and previous developments prior to drawdown,” the lender said.</p> <p>UTB has provided funding of £6.18 million to cover the balance of the site purchase, construction costs, professional fees and Community Infrastructure Levy/Section 106 obligations.</p> <p>The lender has also agreed an extended repayment term, giving the developers greater flexibility “should the pandemic create disruption to the construction timetable”. </p>