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United Trust Bank cuts minimum bridging loan size to £75k

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  • 06/02/2018
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United Trust Bank cuts minimum bridging loan size to £75k
United Trust Bank is to provide bridging loans from £75,000 on both first or second charges.

 

 

The offer applies to regulated and non-regulated lending and is in response to increasing demand for smaller bridging loans from brokers and customers, according to the bank.

The lender previously had a minimum limit of £100,000.

An automated valuation (AVM) can also be used on loans that meet the required criteria.

The changes come after UTB last year recruited a larger team of Business Development Managers (BDMs) to build relationships with brokers and intermediaries beyond the traditional London and South-East bridging finance hot spots.

Gavin Diamond, United Trust Bank commercial director of bridging, said: “The reduction in our minimum bridging loan size from £100,000 to £75,000 broadens our offering to brokers and customers in areas where average property values, and therefore loan requirements, may be lower than London and the South East.

“The bridging market has grown significantly in the last few years, largely as a result of professional finance brokers recognising the flexibility and versatility of bridging finance and its suitability as a finance option in a variety of circumstances.

“This is a message we have taken out to brokers across the country and we’ve had an excellent response.

“The AVMs will significantly reduce the cost and loan processing time for borrowers too.

“We have the products, the team and the systems in place to be able to fulfill an increasing volume of deals without compromising our high service standards.

“What’s more, UTB remains a dependable and approachable lender with a robust source of funds and a strong appetite to lend.”

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