In the Autumn of 2016, United Trust Bank’s Bridging Division was approached by a broker helping a couple to purchase a property abroad. The husband and wife had identified a suitable holiday home and needed to complete the purchase promptly to prevent it being sold to other interested parties. Assisting with the purchase of overseas property is not an unusual purpose for a UTB bridging loan and once we were satisfied of the use of the funds we proceeded to structure a loan suited to the task.
The proposed exit was to be from the sale of a property which had been left to the wife and her sister in their late father’s will. Probate had been granted, however the property was being sold by the executors and a charge over this property was not an option.
Given the circumstances and the need for a quick assurance that funds would be available when needed to complete the purchase, UTB agreed to take a second charge against our borrowers’ main residence. There was an understanding that the loan would be repaid from the wife’s share of the inherited property once the estate had been settled by the executors.
United Trust Bank commented:
“By taking a pragmatic view of the borrowers’ circumstances, UTB was able to quickly agree a bridging loan which met their needs whilst also satisfying our credit risk requirements. Flexibility and sensible decision making are just two of the many good reasons for dealing with an experienced and knowledgeable lender such as United Trust Bank.”
Loan: £150k
Term: 12 Months
LTV 57%