"By engaging with the lender’s compliance team and leveraging the client's existing legal relationships, we were able to deliver a swift solution, enabling the client to proceed with their purchase as quickly as possible"
- Gareth Briggs - Arc & Co.
A £770,000 bridging loan has been completed in just three weeks for a foreign national client, with Arc & Co. and United Trust Bank (UTB) collaborating to secure funding against a London apartment.
Gareth Briggs, head of UK residential mortgages at Arc & Co., arranged the loan, which was secured against a one-bedroom flat in the Millbank development in southwest London. The property is valued at £1.85 million.
The client, a foreign national with permanent residency in the UK, sought to release equity from the apartment to finance a property purchase in Montreal, Canada. Due to the low loan-to-value ratio, the team was able to streamline the process using an automated valuation model (AVM).
The deal included several complexities, including the need for international wealth verification. However, the lender and broker coordinated to manage the requirements without delaying the application.
Briggs (pictured) also brought in the borrower’s original solicitor, who had previously handled the purchase of the London property, to oversee the refinancing. This move helped reduce delays and contributed to the overall speed of completion.
The 12-month loan was issued at a competitive rate.
“This case demonstrates the importance of addressing potential technical issues early in the process, especially when dealing with international clients,” said Gareth Briggs, head of UK residential mortgages at Arc & Co. “By engaging with the lender’s compliance team and leveraging the client's existing legal relationships, we were able to deliver a swift solution, enabling the client to proceed with their purchase as quickly as possible.”
“Gareth provided us with all the information we required early on to enable us to assess if we were comfortable with the borrower’s source of wealth,” explained Nick Warren, business development manager – bridging at United Trust Bank. “This allowed the speedy execution of the transaction, and we were delighted to assist the borrower in completing their Canadian purchase.
“Working collaboratively with knowledgeable and experienced brokers like Gareth enables the whole process to flow quickly and seamlessly, and we look forward to assisting Gareth and the Arc & Co. team with more bridging deals in the future.”
