United Trust Bank has completed a £2.45m regulated bridging loan in just 15 days, supporting a time-critical residential purchase in south-west London.
The bank, working with SPF Private Clients, delivered the facility from application to completion without relying on automated valuation models, instead instructing full valuations on both properties involved.
The case was introduced by Amadeus Wilson, executive director and head of short-term finance at SPF Private Clients, who approached Brad Illman, head of sales – bridging at United Trust Bank, on behalf of clients seeking to buy a new home ahead of selling their existing property.
The borrowers had already exchanged contracts, placing a 10% deposit on the purchase with the expectation that the remaining funds would be covered by a substantial family gift.
When that gift was unexpectedly withdrawn, the couple faced a funding shortfall of more than £2.2m, including a significant SDLT liability, with completion fast approaching.
Both the existing and onward purchase properties were valued at more than £2m. Given the £2.45m regulated bridge required, two full valuations were necessary.
Valuers and solicitors were instructed on the day the application was submitted to United Trust Bank, with both valuation reports returned within eight days.
Credit approval was granted the following day and the loan completed less than a week later, allowing the clients to complete their purchase and avoid losing their deposit.
Illman says: “This transaction demonstrates perfectly that UTB can leverage its great broker, valuer and solicitor relationships to complete large and challenging loans quickly when circumstances call for it.
“Working with skilled and experienced brokers like Amadeus and the team at SPF makes it easy to do our job and deliver fast and successful outcomes for everyone.”
Wilson adds: “The completion of this loan on time was down to great teamwork and UTB’s expertise in delivering larger regulated loans quickly and smoothly.
“It was a pleasure to work with Brad and the UTB team in helping our clients through what had become an unexpectedly stressful purchase.”
