Gavin Diamond

UTB lowers minimum bridging loan size




United Trust Bank (UTB) has reduced the size of its minimum bridging loan to £75,000 with immediate effect.

This minimum loan size will apply to both regulated and non-regulated bridging on a first or second charge basis.

UTB has made this decision in response to the increasing demand for smaller bridging loans from brokers and customers across England and Wales.

It has also announced that an automated valuation (AVM) can be used on loans meeting certain criteria.

“The reduction in our minimum bridging loan size from £100,000 to £75,000 broadens our offering to brokers and customers in areas where average property values – and therefore loan requirements – may be lower than London and the South East,” said Gavin Diamond, commercial director of bridging at United Trust Bank (pictured above).

The bridging market has grown significantly in the last few years, largely as a result of professional finance brokers recognising the flexibility and versatility of bridging finance and its suitability as a finance option in a variety of circumstances.

“This is a message we have taken out to brokers across the country and we’ve had an excellent response.

“The AVMs will significantly reduce the cost and loan processing time for borrowers, too.

“We have the products, the team and the systems in place to be able to fulfil an increasing volume of deals without compromising our high service standards.

“What’s more, UTB remains a dependable and approachable lender with a robust source of funds and a strong appetite to lend.”

 

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