UTB provides £150,000 bridge for holiday home purchase

The bank’s bridging division was approached by a broker trying to help a husband and wife to complete a prompt purchase in order to prevent the property from being sold to other interested parties.

Once UTB was satisfied of the use of the funds, it proceeded to structure a loan suited to the task.

The couple’s proposed exit was to be from the sale of a property which had been left to the wife and her sister in their late father’s will.

Though probate had been granted, the building was being sold by the executors and a charge over the property was not an option.

In most cases UTB would prefer a charge on the source of repayment, however, this is not always possible.

Given the circumstances and the need for a quick assurance that funds would be available to complete the purchase, UTB agreed to take a second charge against the borrowers’ main residence.

There was an understanding that the loan would be repaid from the wife’s share of the inherited property once the estate had been settled by the executors.

The £150,000 loan was provided at an LTV of 57% over 12 months.

Rob Love, head of broker development for bridging at UTB (pictured above), said: “By taking a pragmatic view of the borrowers’ circumstances, UTB was able to quickly agree a bridging loan which met their needs, while also satisfying our credit risk requirements.

“Flexibility and sensible decision making are just two of the many good reasons for dealing with an experienced and knowledgeable lender such as United Trust Bank.”