United Trust Bank (UTB) has widened the criteria for its Fast Track bridging service following its first six months.
The bank’s bridging division fully launched the service to brokers in February this year. The service is delivered by a dedicated team within UTB’s bridging division. The aim is to take bridging loan applications meeting the qualifying criteria through a simplified ‘light touch’ underwriting and administration process to make it quicker and easier for brokers to get loans approved and paid out.
UTB’s new improved Fast-Track qualifying criteria are:
- Maximum loan size increased to £750k net (was £500k net)
- Maximum LTV increased to 60% (was 55%)
- Maximum LTV for AVMs increased to 60% (was 55%), which applies across all standard and Fast Track bridging proposals
Brokers can create their own Terms, DIPs and ESIS using UTB’s self-service broker Portal, or liaising with the in-house UTB Fast Track team if they prefer.
Owen Bentley (pictured), head of sales – bridging at United Trust Bank, said: “We’ve been delighted by the amazing response and feedback we’ve had from brokers since launching Fast-Track to the wider market earlier this year and the expanded criteria will allow even more brokers and customers to benefit from the lightning quick turnaround the service provides. Fast-Track underlines UTB’s position in the market as a go-to lender for all brokers’ bridging requirements, regardless of complexity.
“We’re always talking to brokers and looking for ways to make bridging simpler and more accessible and Fast Track appears to have really hit the spot. We know how competitive the market is and we’ll continue to support brokers with innovative solutions backed by skilled people dedicated to helping them place and complete more business.”