United Trust Bank's bridging team delivered a £600,000 regulated bridging loan in six days, enabling borrowers to complete the auction purchase of a Grade II listed five-bedroom detached home within its completion deadline.
The case was introduced to UTB by Paige Dumpleton, senior finance broker at Clifton Private Finance, with the borrowers having successfully bid £959,000 for the property at auction. The regulated bridging loan was secured by a first charge over the auction property and a second charge over the borrowers' existing home, which was under offer but not yet exchanged at the time of completion.
The planned exit combines proceeds from the eventual sale of the existing home with a mortgage on the newly acquired property following light refurbishment works.
Speed was central to the transaction throughout. Free AVMs were used on both security properties, removing the need for physical valuations and accelerating the underwriting process. The borrowers also opted for dual legal representation, with JMW Solicitors LLP acting for both lender and borrower, streamlining the legal process and keeping the transaction on track.
"Auction purchases leave very little room for delay, so brokers and borrowers need complete confidence that their lender can move quickly and deliver what they promise," said Rebwar Abdoullahi, business development manager, BTL and bridging, at United Trust Bank (pictured)
"This case demonstrates how the combination of experienced underwriting, free AVMs and Dual Representation can significantly reduce friction in the process and provide the speed and certainty clients need.
"It was a pleasure to work with Paige, and everyone involved worked collaboratively to keep things moving. It's another great example of how UTB's specialist bridging expertise helps brokers deliver successful outcomes for their clients."
Dumpleton echoed the importance of lender decisiveness on time-sensitive transactions. "The clients needed a lender capable of acting quickly and confidently on a time-sensitive auction purchase, and UTB delivered exactly that," she said.
"Rebwar and the team understood the case immediately and provided clear communication throughout.
"Working with a lender which combines speed with genuine bridging expertise makes a huge difference when managing transactions under tight deadlines."
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