£1m bridge for an urgent divorce settlement
United Trust Bank’s bridging division was approached by a broker whose client needed to arrange payment of a substantial divorce settlement within two weeks. The client needed to raise £1.15m very quickly in order to meet his obligations and if he failed to pay the agreed settlement on time he may have found himself back in court.
The client owned a company which itself owned a development of four flats in London, on a single freehold title. The client was currently residing in one of the flats and the freehold including the flats which was being offered as security to raise the required finance to pay the settlement.
The four flats were to be marketed for sale with each one being sold off on a leasehold basis and the proceeds from the sales would provide the exit. The client would move back into the ex-marital home once his ex-partner had moved out. Given the urgency of the situation, the Bank instructed valuers and solicitors simultaneously and worked closely with all parties to endeavour to deliver the settlement within the deadline, which by chance fell at the end of a very busy month for the UTB bridging team.
Divorce can be a very stressful process and the team were keen for this transaction to complete smoothly in order to meet the customer’s needs and without adding unnecessary worries. The effort paid off and the funds were paid to the client’s ex-wife on time.
Loan details for example:
Loan amount: £1.15m
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