United Trust Bank has expanded dual legal representation across its bridging finance range to include unregulated cases, as part of a wider set of criteria and service changes.
The change means dual representation is now available on regulated and unregulated bridging loans, purchases and refinances in England and Wales, loans up to £1m, individual and corporate borrowers, and standard residential properties and light refurbishment projects.
UTB said the move was intended to reduce friction in the legal process and support faster completion on time-sensitive transactions.
The bank has also introduced further flexibility for light refurbishment cases, with works costs able to be funded up to 25% of the initial LTV, subject to a maximum works budget of £200,000.
It has also updated its approach to corporate guarantees and enhanced its semi-commercial and mixed-use criteria. This includes allowing cases where the residential element covers 100% of the facility, subject to vacant possession value and physical valuation requirements.
The changes follow UTB’s recent launch of a desktop valuation option and enhanced AVM criteria, and form part of its wider work to improve broker experience, streamline processes and reduce turnaround times across regulated and unregulated bridging.
Andrew Ferguson (pictured), commercial director – mortgages, buy-to-let and bridging at United Trust Bank, says: “We’re continuing to look at every part of the bridging journey and asking ourselves how we can make it quicker, simpler and more certain for brokers and their customers.
“Expanding Dual Representation into non-regulated bridging is another practical enhancement designed to remove friction from the process and help brokers get more deals completed, particularly on transactions where speed is paramount.
“All of these enhancements are focused on helping brokers write and complete more business with UTB. We’re giving them more flexibility, faster routes to offer, greater confidence and the certainty they need.”
