United Trust Bank appoints new senior director to develop build to rent proposition
United Trust Bank (UTB) is continuing to expand its property development proposition by hiring Andy Thomson to lead its activity in the build-to-rent (BTR) sector.
Andy has been appointed to the newly created role of senior director – operational real estate working within UTB’s property development business. He will initially focus on delivering loans to developers and investors operating in the build-to-rent sector, before exploring opportunities in adjacent markets including purpose built student accommodation (PBSA) and co-living.
Andy has over 30 years’ banking experience gained from senior roles with a variety of lenders including RBS, Bank of Scotland and Secure Trust Bank and within real estate debt advisory at Avison Young, formerly GVA. Andy has worked on a number of significant loans within the UK living sector since 2016 and has joined UTB from Bank of London and Middle East where he was head of real estate finance and private banking.
Adam Bovingdon, head of property development, United Trust Bank, commented: “Andy’s appointment follows a very successful year for property development at United Trust Bank. For the first time in the Bank’s history, we credit sanctioned over £1bn of funding for a variety of residential and mixed use schemes across England and Wales and by the end of 2024 our loans were helping our housebuilder and developer customers create around 4500 new homes.
“Build-to-rent, and the wider UK living sector, presents a great opportunity for the Bank and Andy’s experience and contacts will help us to develop UTB’s proposition and activity in this increasingly important and exciting market.”
Upon joining UTB, Andy Thomson said: “I am excited to have joined such a highly regarded bank with an impressive track record. The UK living sector is an attractive real estate asset class for domestic and international capital seeking high quality investment and development opportunities. 2024 saw more than £5bn invested into the UK BTR sector and the UK government’s goal to deliver 1.5m homes over the next five years is an important catalyst for further growth.
“Multifamily BTR apartment developments in London and the key regional cities have been the initial focus for the market and it’s exciting to see this expanding into other smaller UK towns and cities, as well as the increasing focus on single family BTR developments. UTB is keen to consider all types of schemes proposed by experienced operators.”