United Trust Bank (UTB) has completed a £1.3million non-regulated Bridging facility to enable an experienced developer to acquire and improve a unique property to add to their holiday let portfolio.
UTB’s Paul Delmonte was approached by Steve Walker at The Buy to Let Broker to discuss the case. Steve’s client had identified a property which was attracting a lot of interest. It was in a superb location and with further improvement had the potential to create an outstanding investment property. The client had to move quickly to secure the purchase.
UTB understood the borrower’s requirements and was able to agree funding for a 2-stage facility – an initial £650,000 acquisition loan followed by a works facility once planning had been obtained. On the basis of the proposed works, UTB quickly provided the borrowers with an in-principle agreement for a subsequent additional works facility.
Once planning consent was achieved a few months later, UTB formally agreed the second stage of the facility to provide 100% of the works costs. A site visit confirmed the £2m GDV was reasonable. The works would be funded in tranches and with the facility extended by a further 12 months the borrower would have time to complete the transformation of the property to a very high standard.
Steve Walker, Buy to Let & Residential Specialist at The Buy to Let Broker, commented: “Having discussed the client’s needs and requirements in detail, it was quickly apparent that an application of such a high calibre would require a lender that would deliver the attention to detail and customer service it deserved.
“Looking to borrow over £1 million to both purchase and renovate the property, we approached several lenders to discuss the £600k funding required for the initial purchase, followed by three staged drawdowns which would allow our clients to carry out the refurbishment needed to modernise the property to an exceptional standard. After engaging with a myriad of lenders, UTB offered the most competitive terms by a considerable margin, not only for the initial acquisition loan rate, but also the additional funds the client required for the renovations. Also, UTB’s speed of response, reliability, reputation in the market and the fact you can liaise directly with their Underwriters post submission, made them the most attractive choice for the client.
“From the initial approach, all the way to completion, Paul Delmonte, underwriter Nathan Wilson and the entire team at UTB have gone out of their way to help at each stage, and we can truly say they have been a pleasure to work alongside on this project.”
Paul Delmonte – Business Development Manager – Bridging, United Trust Bank, commented: “It was great working with Steve Walker and case manager Tom Swinscoe on this transaction. Steve demonstrated his superior knowledge and skills by providing an excellent service to his client culminating in a competitive and flexible solution tailored to his client’s requirements. He delivered everything we needed to progress the deal quickly, showing why strong relationships with experienced brokers are beneficial to borrowers and the Bank.
“We are aiming to expand our non-regulated business this year and UTB are eager to provide even more loans for borrowers looking to take advantage of heavy and light refurbishment opportunities.”