United Trust Bank (UTB) has completed a £505,000 regulated bridging loan in just seven business days, despite both security properties requiring full valuations rather than automated valuation models (AVMs).

The deal, arranged through UTB key account manager Gary Lomax, supported clients in Scotland who were downsizing and needed to purchase their new home before selling their existing property.

The £505,000 advance represented a 73% loan-to-value and covered the purchase price, Land and Buildings Transaction Tax and associated fees.

The lender received the application on 4 September and completed the initial underwrite the following day. With both the existing and onward purchase properties requiring full valuations — the former due to non-standard construction and the latter having failed an AVM — Pure Panel Management was instructed to carry out inspections on 8 September.

Solicitors were brought in before formal approval to expedite the process, and once valuation reports were received, UTB issued the loan offer and released funds by the end of the same week.

The clients completed the purchase of their new home on 22 September.

Gary Lomax (pictured), key account manager at UTB, said: “AVMs can certainly help to accelerate bridging cases, but this example shows it’s not the end of the world if you can’t use AVMs but still need a quick turnaround.

“If the lender, broker, valuer and lawyers all work together everything is possible.”