United Trust Bank has completed a bridging loan in six working days, despite the challenges presented by the Covid-19 lockdown.
The £150,000 loan, introduced by brokers Alexander Hall, was needed to replace a previously agreed buy-to-let offer for a customer on which the valuation had expired. The client’s situation meant there were no lender options for the broker other than those that would need to instruct a physical valuation, and that wasn’t possible due to social distancing rules. With the vendor wishing to complete the sale, UTB stepped in at short notice and provided a bridging loan to enable the purchase to complete.
The bridging loan was offered to the purchaser’s wife, secured on her home, and these funds enabled the husband to complete the buy-to-let purchase. Six working days elapsed between UTB issuing a Decision in Principle and the customer drawing the loan. JMW Solicitors LLP, representing both UTB and the borrower, also worked to ensure the case completed quickly.
Mike Walters (pictured), sales director – property intermediaries at United Trust Bank, said: “This is a fantastic example of all parties pulling together to ensure the customer could complete his buy-to-let purchase.
“Peter Corbett at Alexander Hall did a great job helping his client to secure the funding he needed by thinking outside the box and guiding his client to consider bridging as a quick and viable solution to his problem.
“Although the Covid-19 lockdown is presenting additional challenges to lenders, brokers and lawyers, the investment made by UTB in Fintech and other service enhancements over the last 18-months is helping us to overcome barriers to lending and enabling us to continue supporting brokers and their customers.
“AVMs, dual legal representation and ID verification via the UTB Nivo app are just some of the time and hassle saving features we’re able to offer to ensure deals which might otherwise falter, complete on schedule.”
Greg Cunnington, director of lender relationships and new homes at Alexander Hall, added: “Even in these challenging times, intermediaries and lenders can work together to find great solutions for clients and act quickly.
“This case with UTB has highlighted how important it is to be working with proactive lenders who have the systems, flexibility and desire to lend.”