United Trust Bank’s Bridging Department provided a £394,000 facility with a 9 month term to enable our customer to move to a new smaller property.
Our customer, resided in a Grade II listed two storey property in a rural West Sussex village. The property was too large for her needs and she wished to complete on the purchase of a smaller bungalow more suited to her needs within 10 miles of her existing home, but which required minor refurbishment.
The Bank advanced the full purchase price and small amount to refurbish the bungalow. The security comprised a first charge over both properties. The loan will be repaid by the sale of the existing residence which was already being marketed for sale at the time the loan commenced.
This loan is a good example of how a short term loan can be used to assist people who require 100% of the purchase price of their new property and do not require a term mortgage.
Facility Amount: £394,000
LTV: 39 %