UTB uses bridging broker portal to complete auction deal in 14 days

United Trust Bank (UTB) has completed one of the first cases submitted through its new bridging broker portal, moving from application to formal offer in 14 days.

UTB Bridging was approached by a broker with customers needing a £356,400 regulated bridging loan at 75% LTV on a £515,000 auction purchase to enable them to complete within the required 28-day deadline.

The broker submitted the application via the portal on the 30th July, one day after its launch, with the valuation instructed the following day.

Following receipt of the required information, the case was approved for signing and offer in just 32 minutes, with the formal offer issued on 13th August.

Funds were released upon request on 25th August, enabling the customers to complete comfortably within their auction deadline despite a full physical valuation being required.

UTB launched its new bridging portal at the end of July, enabling brokers to generate indicative terms and ESIS documents 24/7.

Buster Tolfree, managing director of mortgages, BTL and bridging at United Trust Bank (pictured above), commented: "The response to the new portal from brokers has been fantastic and this case is a great example of exactly what we wanted it to achieve.

"Auction purchases are all about certainty and speed. This application came in immediately after the portal launched, required a full valuation and still went from application to funds released comfortably inside the customer's 28-day completion deadline.

“At one key stage, once everything we needed was available, the case was approved for signing and offer in just 32 minutes.

"Technology should make it easier for brokers to do business with us and give our people more time to make decisions, solve problems and keep cases moving.”