UTB provides £600,000 bridging loan

UTB provides £600,000 bridging loan

United Trust Bank (UTB) has approved a bridging loan of around £600,000 for the purchase and modernisation of a south London house.

The lender offered the sum over a nine-month term with an estimated LTV of 75% for the purchase of the property valued at £800,000.

The refurbishment is scheduled to take three months.

The exit of the bridging loan will be through the refinancing of the debt with a mortgage secured on the couple’s new main residence after the completion of the improvement works.

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