Planning is sought for at least 44 affordable homes on the land.

United Trust Bank (UTB) recently completed a regulated bridging case that highlights how lenders and brokers can manage transactions efficiently, even when AVMs are not available.

The service was used to acquire a residential three-bedroom end-terrace house which will be refurbished and placed on the rental market.

Loan structured at 65% LTV over a nine-month term.

Residential rates start at 0.79% per month up to 65% LTV.

Last month, the lender completed a £6.3 million funding package, supporting a developer with two separate residential projects in Bath and Cheltenham.

Bridge To Term first-year interest rate stands at 1% per month.

Following the changes, the lender's standard purchase and development exit bridge now starts at 0.79% per month.

Regulated bridging rates under 50% LTV are now 0.61% per month, down from 0.68%.

Rates on regulated loans over £750,000 now start at 0.79% up to 60% LTV.