United Trust Bank has completed a £600,000 regulated bridging loan to help borrowers acquire a Grade II listed property purchased at auction, with an offer issued in just six days.
The loan supported the purchase of a five-bedroom detached home bought for £959,000 at auction, where the borrowers faced a tight completion deadline.
The case was introduced to United Trust Bank by Clifton Private Finance, which required a funding solution capable of meeting the timescales associated with the auction purchase.
UTB provided a £600,000 regulated bridging loan secured by a first charge over the newly acquired property and a second charge over the borrowers’ existing home, which was under offer but had not yet exchanged contracts.
The borrowers plan to repay the bridging facility through the sale of their current home and by arranging a mortgage on the auction property following the completion of light refurbishment works.
FAST-TRACKED PROCESS
To help accelerate the transaction, automated valuation models (AVMs) were used on both security properties, removing the need for physical valuations.
The borrowers also opted for dual legal representation, with JMW Solicitors LLP acting for both lender and borrower, helping to streamline the legal process.
The facility was structured using two security properties with first and second charges and was supported by free AVMs on both assets.
According to UTB, the combination of valuation technology, dual representation and specialist underwriting enabled the offer to be issued within six days.
Rebwar Abdoullahi, business development manager, buy-to-let and bridging at United Trust Bank, says: “Auction purchases leave very little room for delay, so brokers and borrowers need complete confidence that their lender can move quickly and deliver what they promise.
“This case demonstrates how the combination of experienced underwriting, free AVMs and Dual Representation can significantly reduce friction in the process and provide the speed and certainty clients need.
“It was a pleasure to work with Paige, and everyone involved worked collaboratively to keep things moving. It’s another great example of how UTB’s specialist bridging expertise helps brokers deliver successful outcomes for their clients.”
Paige Dumpleton, senior finance broker at Clifton Private Finance, adds: “The clients needed a lender capable of acting quickly and confidently on a time-sensitive auction purchase, and UTB delivered exactly that. Rebwar and the team understood the case immediately and provided clear communication throughout.
“Working with a lender which combines speed with genuine bridging expertise makes a huge difference when managing transactions under tight deadlines.”
