United Trust Bank’s Bridging team was approached by Clever Lending to assist a couple with the purchase of what would become their new main residence.
The property was being sold by the local council as it was previously a children’s home with C2 usage. The sale to the couple was agreed on the basis that completion would take place within a month so our borrowers needed a quick decision and assurance that the funds would be available within the timescale required.
We were able to confirm that the change of use of the children’s home to ‘residential’ (C3) had been granted at the end of 2018 and the valuer confirmed no structural changes were needed to meet the change of use requirements.
As the clients already had a mortgage on their current home, we were able to place a second charge on that property and a first charge on the purchase property in order to provide the borrowers with the required funding. The exit will be funded by the sale of their current home and refinancing of the purchase property for any shortfall. Evidence of their ability to obtain a mortgage of that level had been provided.
This was an excellent example of UTB’s common sense underwriting approach being supported by a skilled and knowledgeable broker. Despite it being a more complex regulated bridging loan, UTB was able to meet the borrowers’ needs and provide the funding they required when they needed it.
Charlotte Stanford – Commercial & Bridging Specialist at Clever Lending said:
“Dawn (underwriter) and Paul (BDM) at UTB were absolutely brilliant. They were always available on the phone and gave quick responses regarding any matter to get the deal completed. Our clients had a deadline completion date and UTB, their solicitors and their valuer made the whole process very straightforward, delivering the funding several days before the deadline”
Paul Delmonte, Business Development Manager at United Trust Bank said:
“Charlotte was fantastic to deal with. She provided us with a full understanding of the case and borrowers requirements from day one. Whatever we needed from her, she provided promptly. It was a pleasure working with her and the team at Clever Lending and knowing that we were able to assist their clients in achieving the purchase of their future dream home.”
| Borrower | Couple |
| Amount | £1.35m |
| Loan Type | Regulated Bridging Loan |
| Location | West London |
| LTV | 56% |
| Special Features | – Purchase property was previously a children’s home with C2 usage – Security comprised a combination of 1st and 2nd charges on the borrowers’ mortgaged existing residence – Time-sensitive completion date |