United Trust Bank (UTB) and Brightstar Financial have completed a £200,000 regulated second-charge light refurbishment bridging loan to support major extension and improvement works on a high-value residential property.
The clients were midway through a substantial upgrade to their home – including a new garage and gym, a new master bedroom suite, and several additional rooms and storage areas.
With construction well underway and around four months left to completion, they needed funds quickly to maintain momentum.
Benjamin Peace, bridging and development finance specialist at Brightstar Financial, approached Bradley Illman (main picture), UTB’s key account manager for buy-to-let andbridging, to secure a rapid solution.
With a sizeable first charge already in place and an expected finished value of £4.25m, a standalone second-charge light refurb bridge was deemed the most efficient route.
Dual legal representation through Lightfoots LLP helped accelerate progress.
GO-TO LENDER
Peace said: “UTB are a go-to lender for second charge regulated bridging and I was confident that they would offer a great solution and could complete the deal quickly.
“Brad and the UTB team worked closely with Lightfoots and everyone involved did everything they could to keep the application motoring. My clients were delighted with the outcome which kept their home improvement works on track.”
DELIVERING SOLUTIONS
Illman added: “Benjamin is a great broker who knows exactly what we need to give a fast decision and get a deal through quickly.
“This, combined with UTB’s expertise in regulated and second charge bridging, and between us all we delivered a solution which gave the customer exactly what they needed.”
The loan will be repaid via the refinance of both the first and second charges once the project completes.
