Gavin Diamond

UTB introduces fast-track bridging service

United Trust Bank has launched a fast-track service for bridging applications.

This aims to simplify the process for straightforward transactions, making it quicker and easier for brokers to get loans approved and paid out.

Brokers are able to create their own terms, DIPs and ESIS using UTB’s self-service broker portal, or liaise with the in-house fast-track team if they prefer. 

The new system utilises some of UTB’s existing fintech solutions and services, such as biometric ID verification, AVMs and dual legal presentation, to progress the application quickly.

UTB’s qualifying criteria for the fast-track service include:

  • maximum loan size of £500,000 net 
  • maximum 55% LTV
  • maximum of two security properties — for AVMs and/or valuations
  • primary exit through sale or refinance of security properties.

The fast-track system is not available for heavy refurbishments or property improvement loans.

The new service was soft launched in Q4 2020 and is said to have received positive feedback.

The launch is the latest in a series of service and product enhancements introduced by the bank in the last 12 months.

Gavin Diamond, commercial director for bridging at United Trust Bank (pictured above), said: “This is an exciting evolution of our bridging service and we firmly believe this will enable brokers to do more business, quicker and more easily with UTB.  

“We understand that a quick turnaround is vital to most customers, and often why they’ve chosen bridging in the first place, so, having developed and implemented a number of time- and effort-saving systems and processes, we’ve brought them all together to provide this market leading bridging service."

Dale Jannels, managing director at Impact Specialist Finance, commented: “We were very pleased to take part in the soft launch of UTB’s new fast-track service and our experience through the testing phase has been excellent. 

“The key to sourcing and delivering bridging finance is speed and efficiency and this service provides a really quick turnround if cases are submitted correctly. 

“UTB is once again employing fintech and experienced, dedicated people to provide a welcome and innovative service to the bridging market.”

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