Specialist broker and distributor, Impact Specialist Finance, and United Trust Bank (UTB) have completed on a £450,000 regulated bridging loan for later life borrowers looking to downsize.
The loan was expediated with the help of an Automated Valuation Model (AVM).
The regulated bridging loan facility was utilised to help a couple in their 70s who were looking to downsize in order to secure the purchase of a new residential property after the sale of their existing property stalled.
The purchase price of the new property was £525,000, with the existing property valued at £850,000. The couple were able to finance the new property acquisition through a 12-month regulated bridge with full interest roll up (no payments due and interest paid on redemption) for £450,000, with the balance made up from cash savings.
Dale Jannels, managing director at Impact Specialist Finance, said: “This may not be a huge case in terms of value, but it really does help demonstrate just how quickly funds can be raised in the current climate through tech support and when utilising the ability of lenders such as UTB who have a common-sense approach to underwriting and the ability to tailor its lending to meet borrowers’ individual needs.
“This is an increasing scenario in the current climates as chain reliant transactions faulter, due to many unforeseen reasons.”
Mike Walters (pictured), sales director – property intermediaries, United Trust Bank, added: “We’ve built a strong relationship with Impact Specialist Finance and the smooth and successful completion of this case is testament to the hard work put in by both sides.
“We enjoy working with experienced, professional advisers who understand the versatility of short term finance and are committed to finding the best solutions for their clients.”