UTB’s Bridging division was approached by SPF Private Clients to assist a customer who required a £3.3m regulated bridging loan to enable them to pay off their overdue 1st and 2nd charge mortgages, consolidate several personal loans and release further equity to complete some refurbishment and home improvements prior to selling.
A bridging loan provided a quick and cost-effective solution to the customer’s requirements as they were coming under increasing pressure from their first charge mortgage lender to repay their capital. The bridging loan would be repaid from the proceeds of the house sale once the works were complete.
SPF were keen to help the customer who had come to them having already been let down by two other brokers who were unable to find a suitable solution for the borrower at 67% LTV on a £5.3m market valuation. The successful completion of the loan demonstrated the value of strong relationships between experienced and knowledgeable lenders and brokers committed to finding and delivering great outcomes for customers.
|Loan Type||Regulated Bridging Loan|
|LTV||67% of market valuation|
|Loan Purpose||• Pay off expired mortgages, consolidate other loans and release equity for minor refurbishment prior to selling|
|Special Features||• Introduced by SPF Private Clients|
• Time pressure due to overdue mortgages
• Higher LTV than usual based on £5.3m market valuation