UTB completes £2.4m bridging facility
United Trust Bank recently completed a £2.4m facility secured against 2 prime properties. The case was introduced to Nick Warren at UTB by a longstanding broker contact and involved taking a second charge on the borrowers’ existing home and a first charge on their onward purchase, a large detached house set in over 16.5 acres.
The exit in this instance was more complex than usual as it depended on the sale of the borrower’s existing home, a re-mortgage of the onward purchase and a re-finance of a substantial BTL portfolio to cover any shortfall.
Nick Warren, Business Development Manager at United Trust Bank, commented:
“This more intricate exit strategy required careful appraisal, but it was well within the capabilities of UTB’s Bridging department and we were able to give a prompt decision and completed the £2.4m loan quickly.”
For more information about United Trust Bank’s Bridging products please call Nick Warren on 020 7031 1526 or see https://www.utbank.co.uk/lending/bridging-finance/