United Trust Bank has completed one of the first cases submitted through its new Bridging Broker Portal, with a formal offer issued within 14 days.
The lender was approached by a broker whose clients required a £356,400 regulated bridging loan for a £515,000 auction purchase.
The application, at 75% loan-to-value, had to complete within the auction’s 28-day deadline.
The broker submitted the case through the portal on 30 July, one day after its launch, and the valuation was instructed the next day.
After the required information was received, the case was approved for signing and offer in 32 minutes. The formal offer was issued on 13 August.
Funds were released on 25 August, allowing the customers to complete within the deadline despite the need for a full physical valuation.
UTB launched the Bridging Broker Portal at the end of July as part of an investment in its technology and bridging business.
The system allows brokers to generate indicative terms and European Standardised Information Sheets around the clock. It also replaces paper application forms and wet signatures with document uploads, messaging with underwriters and online case tracking.
The portal includes automated credit and director background checks, as well as integrated HomeTrack automated valuation models where appropriate.
Buster Tolfree, managing director of mortgages, buy-to-let and bridging at United Trust Bank, says: “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.
“We’re already seeing those benefits coming through, and with the recent expansion of our Bridging range and further improvements on the way, there’s a lot more to be excited about.”
