Limo fleet kept on the road by bridging loan

United Trust Bank has come to the aid of a customer who runs a well-established limousine business.

The business which was also run by members of his family, renews its fleet of cars at regular intervals and required short term funding to facilitate the most recent set of new car leases.

One member of the borrower’s family lived in and owned an unencumbered residential property that was no longer suited to her needs and she wanted to sell.

Alan Margolis, Head of Bridging at UTB, met with the lead borrower and the family member who owned and resided at the security property.

UTB then agreed to assist and advanced the funds secured against the residential property, which would provide the exit when sold.

“Each and every one of our bridging loans is unique,” said Alan.

“We meet many of our customers to better understand the story behind their loan application and ensure that the bridging loan will meet theirs and the bank’s requirements. This was very much a case in point.”

UTB loaned the client £281,800 with an LTV of 64%.