UTB’s Bridging division was approached by Fluent Bridging to assist customers wishing to downsize and secure their smaller home before completing the sale of their existing property.
The middle-aged couple’s large family home had a market value of £2.5m and they had found a property to move to nearby for £1.5m. The £1.6m bridging loan required would enable them to complete their purchase, pay the stamp duty and cover the fees and interest on the 12-month facility.
Mr was semi-retired, having sold a successful business, and Mrs was still in full time employment. They had accumulated substantial savings via property inheritance and share option schemes, however they wished to fund the purchase of their new home by borrowing rather than crystalise their investments.
As a regulated bridging loan, Fluent provided the couple with advice and suggested UTB with their experience and knowledge of regulated bridging would be a suitable lender. UTB instructed a valuation of the borrowers’ existing home and was content to accept an AVM of their new house. With the brokers swiftly assisting with due diligence, the bridging loan was quickly agreed and ready to draw down when the borrowers completed their purchase.
|Loan Type||Regulated Bridging Loan|
|Loan Purpose||• Downsize|
|Special Features||• Introduced by Fluent Bridging|
• AVM on the target property