United Trust Bank (UTB) has announced a series of Fast Track and AVM criteria enhancements to its non-regulated bridging proposition.
The lender says it is targeting growth in non-regulated bridging business in 2022 and that these changes will increase opportunities for brokers to recommend the specialist lender to professional property developer and investor clients.
The following criteria changes have been made with immediate effect:
Fast Track:
- Maximum LTV – Increased from 60% to 65%
- Maximum loan – Increased from £750k net to £1m net
Hometrack AVM:
- Maximum LTV – Increased from 60% to 65%
- Maximum individual property value – Increased from £1m to £2m
- Maximum loan qualifying for Hometrack AVM remains unchanged at £1m net
UTB says the increased maximum loan size of £1m (net) is expected to substantially increase the volume of cases brokers can now place through Fast Track service which when combined with Hometrack AVMs can give brokers instant pass/fail indications and allow them to produce their own terms and Decisions in Principle (DiPs) in minutes, 24 hours a day.
Owen Bentley (pictured), head of sales – bridging, United Trust Bank, said: “We have established UTB as one of the foremost providers of regulated bridging finance in the market and now we are turning our attention to growing our share of the non-regulated sector. Brokers are benefitting from a winning combination of highly skilled and knowledgeable people and innovative processes and technology which together deliver quick, reliable decisions and pay outs.
“Non-regulated loans tend to be bigger and at higher LTVs so these enhancements to Fast Track and Hometrack AVM criteria give brokers greater scope to consider UTB for their professional clients and enjoy the exceptional service we provide, whether through Fast Track or standard application routes.
“This is the first of several criteria, product and process changes we will be announcing over the next few weeks all of which will make UTB an even more attractive option for brokers looking to source competitive non-regulated and regulated bridging loans.”
