Bridging loan funds a fleet of limos
We were approached to help a customer who, together with some members of his family, runs a well-established limousine business.
The fleet of cars is “refreshed” at regular intervals and the business required short term funding to facilitate the most recent set of new car leases.
A member of the borrower’s family lived in and owned an unencumbered residential property that was no longer suited to her needs and she was looking to sell.
UTB agreed to assist and advanced the funds secured against the residential property, the sale of which will provide the exit.
Commitment to service and understanding our borrowers’ requirements and circumstances, underpins the Bridging Department’s and UTB’s approach to our business. In this case, Head of Bridging, Alan Margolis met with the lead borrower and the family member who owned and resided at the security property.
Alan Margolis commented: “Each and every one of our bridging loans is unique. We meet many of our customers to better understand the story behind their loan application and ensure that the bridging loan will meet theirs and the Bank’s requirements. This was very much a case in point.”
Loan Amount: £281,800