UTB launches faster bridging service

The service was soft-launched in December and the lender is now rolling it out to all advisers.

“The aim of this new streamlined service for loans meeting qualifying criteria is to simplify the process for straightforward transactions,” UTB said.

A dedicated team is in place for the service which is for deal of up to £500,000 net and with a maximum loan to value of 55 per cent.

A maximum of two security properties are permitted, the primary exit must be through sale or refinance of security properties, and it is not suitable for heavy refurbishments or property improvement loans.

Brokers can create their own terms, decisions in principle (DIPs) and ESIS using the broker portal, or liaising with the in-house team.

The service uses biometric ID verification, automated valuation models (AVMs) and dual legal representation.

UTB commercial director – bridging Gavin Diamond (pictured) said the lender believed this would enable brokers to do more business, quicker and more easily.

“We understand that a quick turnaround is vital to most customers, and often why they’ve chosen bridging in the first place, so having developed and implemented a number of time and effort saving systems and processes, we’ve brought them all together to provide this market leading bridging service,” he said.

“Feedback from the brokers who participated in our soft launch has been overwhelmingly positive and we’re now ready to make it available to all UTB registered brokers.”

Impact Specialist Finance was one of the firms in the soft launch. Managing director Dale Jannels said the experience had been positive.

“The key to sourcing and delivering bridging finance is speed and efficiency and this service provides a really quick turnaround if cases are submitted correctly,” he added.