United Trust Bank (UTB) has launched a bridging loan promotion which aims to reward borrowers and brokers on bridging loans of £500,000 or more this summer.

As part of the ‘Summer Big DIPs’ promotion, borrowers will receive £500 cashback when their loan draws down. Each qualifying DIP submitted will earn the broker a Golden Owl Point and an entry into a prize raffle. The more qualifying DIPs a broker submits the more raffle entries they get and the greater choice of prizes they’ll have should they win, UTB said.

The possible prizes in the Golden Owl Points raffle range from an Amazon Echo for one point to a choice of experiences from Virgin’s ‘Magenta’ range for three points. Experiences include an introductory helicopter flying lesson, a full day Indian cookery class at the Cooking Academy and a luxury one-night stay at the 5-star Ellenborough Park hotel in the Cotswolds.

The raffle winner can choose to redeem their Golden Owl Points (maximum of five) as they wish. For example, if the winning broker has gained three Golden Owl Points, they may decide to have three of the one Golden Owl Point prizes. Alternatively, they may choose to redeem them in one go on a three-point prize.

Mike Walters (pictured), head of sales – mortgages and bridging, said: “With the recent introduction of dual legal representation, the speed and financial advantages of AVMs and yet more bridging product enhancements to come, UTB is already a great choice for brokers and bridging borrowers.

“However, the ‘Summer Big DIPs’ promotion gives brokers yet another reason to call UTB when placing their larger bridging loans. The combination of competitive rates, outstanding service, quick completions and now a £500 cash back for their clients and the chance to win some great prizes for themselves should make quite a splash in the market and put UTB at the top of brokers’ summer shopping lists.”