Having sold their property and moved into rented accommodation, our customers had contracted to buy a family home in Hampstead for £4m with a long stop completion date.
However, after a few months, our customers decided that they liked living in the area of their rented property and chose to remain there rather than move to Hampstead as originally planned.
However, having committed to buy the property in Hampstead they still had to complete the purchase. A few days before they were due to complete on the Hampstead purchase they were let down by a private lender. United Trust Bank’s bridging team were contacted on a Friday afternoon and within minutes we had spoken to the solicitors acting for both the borrowers and the lender which had dropped out. A Decision in Principle was issued that same afternoon.
The borrowers were invited to meet at our offices the following Monday afternoon and a Bank representative visited the property in Hampstead on Tuesday evening. The loan drew down on Wednesday, less than 3 working days since receiving the initial enquiry.
UTB explained “Having to complete bridging loans within this sort of time frame is relatively rare, but this is a fantastic example of what can be achieved by a specialist, lender with an expert team. Fortunately, we knew the solicitors who were acting for the other lender and so they were instructed to act on our behalf. Given the location of the security property and the low LTV we were able to forgo a formal valuation and simply had a Bank representative attend the property.Our customers were delighted”.
Loan of £1,521,100 – 40% LTV