United Trust Bank has hired Andy Thomson to lead the lender’s build-to-rent activity as the firm expands its presence in property development.
Thomson will take up the newly created role of senior director, operational real estate, working within UTB’s property development unit.
The lender says he will initially focus on delivering loans to developers and investors in the build-to-rent sector, before exploring opportunities in adjacent markets, such as purpose-built student accommodation and co-living.
The veteran joins from Bank of London and Middle East where he was head of real estate finance and private banking. Thomson has also worked for RBS, Bank of Scotland and Secure Trust Bank.
United Trust Bank head of property development Adam Bovingdon says: “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 4,500 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.”
Thomson adds: “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 build-to-rent sector and the UK government’s goal to deliver 1.5m homes over the next five years is an important catalyst for further growth.
“Multi-family build-to-rent 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 build-to-rent developments.
“UTB is keen to consider all types of schemes proposed by experienced operators.”
