Owen Bentley, UTB

UTB widens fast-track bridging criteria

United Trust Bank (UTB) has expanded the criteria for its fast-track bridging service.

The specialist bank launched the offering in February for brokers looking for quick decisions and pay-outs on straightforward bridging proposals.

It utilises biometric ID verification, AVMs and dual legal representation, and takes bridging loan applications which meet the qualifying criteria through a simplified, light touch underwriting and administration process.

Brokers can create their own terms, DIPs and ESIS using UTB’s self-service broker portal, or liaise with the bank’s in-house fast-track team.

The improved fast-track qualifying criteria include:

• maximum loan size increased to £750,000 net, up from £500,000 net
• maximum LTV increased to 60% from 55%
• maximum LTV for AVMs increased to 60% from 55%, which applies across all standard and fast-track bridging proposals

“We’ve been delighted by the amazing response and feedback we’ve had from brokers since launching fast track to the wider market earlier this year, and the expanded criteria will allow even more brokers and customers to benefit from the lightning quick turnaround the service provides,” said Owen Bentley, head of sales for bridging at United Trust Bank (pictured above).

“We’re always talking to brokers and looking for ways to make bridging simpler and more accessible, and fast track appears to have really hit the spot.

“We know how competitive the market is and we’ll continue to support brokers with innovative solutions backed by skilled people dedicated to helping them place and complete more business.”

An example of a case that used the fast-track service involved a customer who required a £350,000 net bridging loan for an auction purchase at £870,000.

The property passed an AVM valuation and the UTB app was used for biometric verification.

An offer was issued within 24 hours of application, at 43% LTV on an interest rate of 0.48% per month, and the purchase was completed ahead of the auction house deadline.

Amadeus Wilson, director at SPF Private Clients, commented: “UTB’s fast-track service has enhanced our business by offering a very slick, simple and streamlined process which enables us to get offers within 24 hours and transactions into solicitors hands very quickly.

“Speed and certainty are vital in the bridging business, with time pressures on clients increasingly compressed by demanding vendors in this competitive market.

“UTB’s online portal is quick and easy to use and the fast-track process helps us to retain and convert more business.”

The news follows a period of growth in the bank’s bridging business, following a record year of new lending in 2020.

Last year, the company welcomed 42 new team members, with the majority being recruited and trained remotely.

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