UTB bridge helps brothers to launch new careers

UTB bridge helps brothers to launch new careers

Two brothers had received a cash inheritance and had decided to use it to launch careers in property investment.  Both were tradesmen and having completed many refurbishments for clients, they were keen to find a property they could refurbish themselves and sell on for a profit.

They visited several auctions to gain an understanding of the process and after some solid research on a particular area, decided to bid for a semi-detached house that had been left empty for a number of years and fallen into minor disrepair.  They first went through the legal pack and confirmed there were no serious underlying issues with the property. Then, after running the bridging finance numbers with UTB ahead of the auction, they successfully secured the house and paid their 10% deposit with some of their inheritance.

The auction house required the sale to be completed within 4 weeks and after a quick valuation, the brothers were able to draw the UTB bridging facility to complete the purchase well before the deadline. The brothers had the funds to complete the intended refurbishment works.

Although light in nature, the improvement works were designed to bring the property up to an excellent standard.  The works were completed quickly and within budget.

The UTB bridge enabled the brothers to acquire an uninhabitable property within a tight deadline. In addition, the 12-month term, gave them time to complete the works and properly market the property to achieve their desired selling price and a successful start to their property investment career.

Borrower
  • Two brothers
Amount
  • £310,000 (net)
Loan Type
  • Bridging Finance
Location
  • Midlands
LTV
  • 70%
Project type
  • Acquisition and light refurbishment
Special Features
  • Auction purchase
  • First time bridging borrowers


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