United Trust Bank (UTB) and Brightstar Financial have completed a £200,000 regulated second charge light refurbishment bridging loan to fund the customers’ significant home extension and improvement works.
Bradley Illman, UTB Key Account Manager – BTL & Bridging, was approached by Benjamin Peace, Bridging & Development Finance Specialist at Brightstar Financial, to assist his clients who were part way through various improvements to their home including building a new garage and gym, creating a new master bedroom suite and adding additional rooms and storage. Construction works were already well underway with the property in its transitional stage and still 4 months from being finished.
The customers wished to borrow £200,000 quickly, enabling work to continue at pace. With a substantial first charge mortgage on the property and an expected finished value of £4.25m, a standalone second charge light refurbishment bridging loan was considered a fast and suitable solution. Dual legal representation by Lightfoots LLP also helped the application to proceed quickly. The exit will come from the refinance of the first and second charge loans once all the work is complete.
Benjamin Peace, Bridging & Development Finance Specialist at Brightstar Financial said: “UTB are a go-to lender for second charge regulated bridging and I was confident that they would offer a great solution and could complete the deal quickly. Brad and the UTB team worked closely with Lightfoots and everyone involved did everything they could to keep the application motoring. My clients were delighted with the outcome which kept their home improvement works on track.”
Bradley Illman, Key Account Manager – BTL & Bridging, United Trust Bank said: “Benjamin is a great broker who knows exactly what we need to give a fast decision and get a deal through quickly. This, combined with UTB’s expertise in regulated and second charge bridging, and between us all we delivered a solution which gave the customer exactly what they needed.”