United Trust Bank’s (UTB) Bridging Division completed a £3.3m regulated bridging loan to enable its customer to pay off their 1st and 2nd charge mortgages, several personal loans and to release further equity to complete some refurbishment and improvements.
The borrower was introduced to UTB by SPF Private Clients, in search of a tailored solution to suit the borrower’s circumstances and various funding requirements.
The borrower was overdue repaying their first and second charge mortgages and they also wished to consolidate some personal loans and release some capital to carry out some refurbishment and redecoration works before marketing the property. A bridging loan provided a quick and cost-effective solution to the customer’s requirements as they were coming under increasing pressure from their first charge mortgage lender to repay their capital. The bridging loan would be repaid from the proceeds of the house sale once the works were complete.
SPF were keen to help the customer who had come to them having already been let down by two other brokers who were unable to find and complete a suitable solution for the borrower. SPF approached UTB, renowned for their expertise in regulated bridging, due to the requirement being a large, regulated loan on a single security at nearly 70% LTV.
Amadeus Wilson, Director at SPF Private Clients, commented: “UTB quickly understood the deal and the borrower’s requirements and by working closely together we were able to deliver a swift and cost-effective solution for the client which, despite being at 67% LTV on a market valuation of £5.3m, met all of our customer’s requirements at a very competitive 0.67% per month.
“UTB’s team worked quickly and effectively under pressure and were a pleasure to deal with. UTB are a lender we can rely on for large, unusual and time sensitive transactions and our relationship with them continues to go from strength to strength.”