A £500,000 bridging loan was completed in just 24 hours last week, after the short term bridging team at United Trust Bank (UTB) “pulled out all the stops” to meet the client’s deadline.
Wales-based packager Intelligent Loans put the enquiry to UTB after a property developer’s deadline to complete on a buy-to-let purchase was unexpectedly brought forward.
“Fortunately there was an existing valuation that was used as the basis for our valuation requirements, and we worked closely with Intelligent Loans to ensure that the customer met their deadline,” explained Alan Margolis, head of bridging at UTB.
“It was very much a team effort and the customer was absolutely delighted with the service of both introducer and lender.”
Commenting on the impressive speed with which the bank delivered the funds, Rob Coles of Intelligent Loans, added: “Intelligent Loans are very impressed with the team at UTB, our client came to us with an almost impossible deadline, however, they pulled out all the stops and completion took place within 24 hours.”
Last week Bridging and Commercial
announced UTB’s decision to remove its maximum loan criteria of £2m
, with the its bridging sales manager, Rob Love, explaining how UTB was looking to capitalise on its funding capacity and appetite to lend.
The London-based bank also
joined the Association of Bridging Professionals recently as an affiliate member
– the seventh lender to do so.
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