• UTB’s Bridging division was approached to help fund the acquisition of a bungalow on a large plot with significant value-add potential.
• The bungalow was dated and would benefit from refurbishment. However, our customer had identified that the greatest potential lay in creating two individual building plots in the property’s sizeable garden. Once planning permission had been obtained, which their planning consultants deemed was very likely, the borrower would separate the titles, improve the bungalow on a smaller plot and sell it to exit the bridge. This would leave the borrower with two unencumbered building plots to either sell on or develop themselves.
• Although the borrowers were new to the Bank, they were able to demonstrate a proven track record of other similar projects and UTB agreed to provide a 71% bridging loan with various exits should planning be either successful or unsuccessful.
|Borrower||Property Group/Experienced Property Professionals|
|Loan Type||Non-regulated bridging loan|
|Loan Purpose||• Acquisition and planning gain opportunity|
|Special Features||• Purchase of a dated bungalow with large gardens and potential to create two building plots|
• New to Bank customer but demonstrable experience of similar projects.