United Trust Bank and Fluent Bridging deliver £1.6m regulated bridging loan to enable a smooth downsize

United Trust Bank (UTB) and Fluent Bridging have worked together to deliver a £1.6m regulated bridging loan enabling Fluent’s customers to purchase their next home without selling their existing property.

Fluent Bridging’s Chetan Hirani approached UTB’s Paul Delmonte to assist the middle-aged couple who wished to purchase their next home in the South East for £1.5m before selling their £2.5m family home. The 44% LTV £1.6m bridging loan required would enable them to complete their purchase, pay the stamp duty and cover the fees and interest on the 12-month facility.

The first borrower was semi-retired, having sold a successful business, and his wife was still in full time employment. They had accumulated substantial savings via property inheritance and share option schemes, however they wished to fund the purchase of their new home by borrowing rather than crystalise their investments.

As a regulated bridging loan, Fluent provided the couple with advice and suggested UTB with their experience and knowledge of regulated bridging would be a suitable lender. UTB instructed a valuation of the borrowers’ existing home and was content to accept an AVM of their new house. With Chetan swiftly assisting with due diligence, the bridging loan was quickly agreed and ready to draw down when the borrower’s wished to complete their purchase.

Chetan Hirani, Senior Bridging and Development Finance advisor at Fluent Bridging, commented: “I placed the deal with UTB due to the high level of service they provide and because they would AVM a property at this value which would help to keep my clients’ costs down. The case itself was quite straightforward, however the vendor was struggling to get finance on his purchase and I ended up helping him as well. By controlling the chain we managed to get the deal over the line. With the chain saved, UTB were very quick to get the loan offered and the legal work was done very promptly.

I have great confidence in placing deals with UTB due to the relationship Fluent has built with Paul Delmonte and the underwriters in the bridging team. They are all very responsive to emails and phone calls which is a massive help.”

Paul Delmonte, Key Account Manager at United Trust Bank,commented: “Working with Fluent on this deal was an absolute pleasure and it’s a great example of a strong relationship being key in meeting expectations and enabling cases to complete smoothly. Chetan makes our job a lot easier by going above and beyond to provide clear and accurate information which helps us to progress cases quickly.”