United Trust Bank has indicated that it is ‘ready and able’ to assist customers of larger banks by providing short term facilities to refinance suitable residential property portfolios.
Commenting on recent reports that customers of Clydesdale Bank in particular are coming under pressure to repay their facilities, Harley Kagan, Managing Director of United Trust Bank commented;
“In the last few months United Trust Bank has helped many customers of large banks to refinance their borrowings after they found themselves under pressure to repay their loans or agree to unattractive new terms.
The Bank has completed a number of multi million pound portfolio refinancing facilities. In several cases the customers were experienced property people whose existing facilities with High Street lenders required repayment, as part of the drive of some lenders to reduce their balance sheets, notwithstanding the underlying quality of the customers and the security.
These customers required a flexible bank which could understand their varied property portfolios. As an experienced lender, used to dealing with complex structures, UTB is able to dedicate the time and resources and bring the necessary skills to the table to complete what are essentially structured bridge loans. We are ready and able to consider refinancing suitable portfolios.”