UTB and The Buy to Let Broker complete £1.3m bridging loan

United Trust Bank has worked together with The Buy to Let Broker to complete a £1.3m unregulated bridging loan for a residential property in the south of England.

The brokerage’s BTL and residential specialist Steve Walker introduced the deal to Paul Delmonte, BDM at UTB (pictured above), on behalf of the client, who was looking to purchase and transform the property into a holiday let to add to their existing portfolio.

To cater to the borrower’s requirements, UTB was able to agree funding at 70% LTGDV on a 12-month term, delivered in two stages.

The lender offered an initial £650,000 loan to complete the property acquisition. 

Once the planning consent was achieved a few months later, UTB formally agreed to provide the second stage of the facility in tranches in order to cover 100% of the renovation work costs.

Steve said: “Having discussed the client’s needs and requirements in detail, it was quickly apparent that an application of such a high calibre would require a lender that would deliver the attention to detail and customer service it deserved. 

“Looking to borrow over £1m to both purchase and renovate the property, we approached several lenders to discuss the funding required for the initial purchase, followed by three staged drawdowns which would allow our clients to carry out the refurbishment needed to modernise the property to an exceptional standard. 

“After engaging with a myriad of lenders, UTB offered the most competitive terms by a considerable margin, not only for the initial acquisition loan rate, but also the additional funds the client required for the renovations. 

“Also, UTB’s speed of response, reliability, reputation in the market and the fact you can liaise directly with its underwriters post-submission made it the most attractive choice for the client.

“From the initial approach all the way to completion, Paul Delmonte, underwriter Nathan Wilson and the entire team at UTB have gone out of their way to help at each stage, and we can truly say they have been a pleasure to work alongside on this project.”

Paul added: “It was great working with Steve and The Buy to Let Broker’s case manager Tom Swinscoe on this transaction. 

“Steve demonstrated his superior knowledge and skills by providing an excellent service to his client, culminating in a competitive and flexible solution tailored to his client’s requirements. 

“He delivered everything we needed to progress the deal quickly, showing why strong relationships with experienced brokers are beneficial to borrowers and the bank.

“We are aiming to expand our non-regulated business this year and UTB is eager to provide even more loans for borrowers looking to take advantage of heavy and light refurbishment opportunities.”

Leave a comment