Case study fact file:
LTV: 40 per cent
Loan Amount: £1,521,100
Completion time: Three days
The clients had sold their property and moved into rented accommodation, where they had contracted to buy a new family home for £4 million with a long stop completion date.
However, after a few months, UTB’s customers decided they liked living where they were and chose to find a permanent home there rather than move as originally planned. But having already committed to buying the property, they still had to complete the purchase.
A few days before the long stop completion date, they were let down by a private lender. United Trust Bank’s bridging team were contacted on a Friday afternoon and within minutes, its Head of Bridging, Alan Margolis, had spoken to the solicitors acting for both the borrowers and the lender which had dropped out. A Decision in Principle was issued that same afternoon.
Alan explained: “Having to complete bridging loans within this sort of time frame is relatively rare, but this is a fantastic example of what can be achieved by a specialist bespoke lender with an expert team.
The borrowers were invited to meet at the lender’s offices the following Monday afternoon and a Bank representative visited the property on Tuesday evening. The loan drew down on Wednesday, less than three working days later.
“Fortunately, we knew the solicitors who were acting for the other lender and so they were instructed to also act on our behalf. Given the location of the security property and the low LTV we were able to forgo a valuation and simply had a Bank representative attend the property.
“Needless to say our customers were delighted and we saved all of those people involved in a property chain a great deal of potential inconvenience.”
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