United Trust Bank’s (UTB) bridging division completed a £3.3m regulated bridging loan to enable its customer to pay off their first and second charge mortgages, several personal loans and to release further equity to complete some refurbishment and improvements.

The borrower was introduced to UTB by SPF Private Clients. They overdue repaying their first and second charge mortgages and they also wished to consolidate some personal loans and release some capital to carry out some refurbishment and redecoration works before marketing the property. A bridging loan provided a quick and cost-effective solution to the customer’s requirements as they were coming under increasing pressure from their first charge mortgage lender to repay their capital. The bridging loan would be repaid from the proceeds of the house sale once the works were complete.

The customer had already been let down by two other brokers who were unable to find and complete a suitable solution for the borrower. SPF approached UTB due to the requirement of a large, regulated loan on a single security at nearly 70% LTV.

Amadeus Wilson, director at SPF Private Clients, said: “UTB quickly understood the deal and the borrower’s requirements and by working closely together we were able to deliver a swift and cost-effective solution for the client which, despite being at 67% LTV on a market valuation of £5.3m, met all of our customer’s requirements at a very competitive 0.67% per month.

“UTB’s team, including Sundeep Patel, Owen Bentley and Nathan Wilson, worked quickly and effectively under pressure and were a pleasure to deal with. UTB are a lender we can rely on for large, unusual and time sensitive transactions and our relationship with them continues to go from strength to strength.”

Owen Bentley (pictured), head of sales – bridging, United Trust Bank, added: “This case highlights the importance of using an experienced broker like SPF and the value superior market knowledge and strong relationships can bring to completing more challenging deals. We always approach proposals wanting to say ‘yes’ and will take the time talk through more unusual deals and find solutions which work for the customer, the broker and the Bank.”

“By working together, we were able to structure a bridging loan at a great rate against the property’s open market value and provide the outcome everyone wanted despite the customer having been disappointed twice before when working with other intermediaries and lenders. Amadeus and his team once again demonstrated why SPF are one of the most skilled and successful brokers in the business.”