United Trust Bank (UTB) was pleased to provide a £2.5m bridging facility to enable the swift purchase of a fully tenanted HMO at a significant discount to market value.
The borrower, a ‘Value Add’ Investor, had previous experience of similar acquisitions and UTB were comfortable with the circumstances of the purchase and the reason for the discount.
The borrower needed funds quickly to secure the purchase of the Grade II listed building and intended to exit the loan via a mortgage at a later date. The bridging loan met their requirements for speed and the 12-month term gave them plenty of time to consider their options and source a competitive rate for the longer-term funding.
|Borrower||‘Value Add’ Investor/Trader|
|Loan Type||Bridging Finance|
|Project type||HMO Investment|
|Special Features||• Grade II listed|
• Speed of drawdown vital to secure substantial market value discount