UTB Bridging was approached by a long-standing broker partner representing a couple wishing to purchase their next home before selling their current residence. The customers had already exchanged contracts on their purchase with a 10% deposit on the basis that the balance required to complete would be gifted to them by a family member. Unfortunately, the offer of the substantial gift was suddenly withdrawn leaving the couple with a shortfall of over £2.2m including a an SDLT liability of nearly £280,000. The clock was ticking.
Both properties were £2m+ and with a £2.45m regulated bridge required, two full valuations were needed. The valuations and solicitors were instructed the day the application was received at UTB, and both valuations were received back within 8 days. The case received credit approval the following day and completed less than a week later, enabling the couple to complete the purchase of their new home and ending what had become an unexpectedly stressful transaction.
| Borrower | Personal borrower |
| Amount | £2.45m inc. rolled up interest and charges |
| Loan Type | Regulated Bridge |
| Location | London |
| LTGDV | 49% |
| Term | 12 months |
| Loan Purpose | Bridge to purchase new main residence |
| Special Features | App to completion in 15 days Time pressure due to sudden change of circumstances 2 physical valuations and exit via sale of former home |