Nick Warren

UTB provides bridge to save Swiss chalet purchase

United Trust Bank (UTB) has provided a £350,000 bridge to save the purchase and renovation of a chalet in Switzerland.

The client had initially intended to fund the purchase and redecoration by using some of the equity from the sale of her main residence in the UK and downsizing, but this transaction fell through. 

Meanwhile, the chalet vendor – a friend of the borrower – had planned to use proceeds from the chalet sale to invest in new business ventures.

After discussing options with the client, the broker agreed that a bridging loan secured on her UK home was the most appropriate solution and suggested a £350,000 loan for a 12-month term representing an LTV of 20%.

Nick Warren, bridging sales manager at UTB (pictured above), said: “UTB has considerable experience of dealing with the purchase of foreign properties with bridging loans secured on UK properties and as such we were quickly able to assess the proposal.

“The team was satisfied with the purpose of the loan and the suitability of the security property and we swiftly agreed to advance the required funds.

“Very soon afterwards our borrower completed her purchase and the vendor was able to invest in their new business ventures.

“Most importantly, a longstanding friendship was preserved!”

Last month, UTB provided a £150,000 bridging loan to assist with the purchase of an overseas holiday home.

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