The £150,000 loan, introduced by brokers Alexander Hall, was needed to replace a previously agreed buy-to-let offer for a customer on which the valuation had expired.
There were no other lending options for the client that would be able to go ahead without a physical instruction and with the seller wanting to complete the sale, UTB enabled the purchase by providing a bridging loan.
The bridging loan was offered to the purchaser’s wife, secured on her home, and these funds enabled the buyer to complete the purchase.
Six working days passed between UTB issuing a decision in principle and the customer receiving the loan. JMW Solicitors LLP, representing both UTB and the borrower, oversaw the case.
Mike Walters (pictured), sales director – property intermediaries at United Trust Bank, said: “This is a fantastic example of all parties pulling together to ensure the customer could complete his buy to let purchase.
“Peter Corbett at Alexander Hall did a great job helping his client to secure the funding he needed by thinking outside the box and guiding his client to consider bridging as a quick and viable solution to his problem.”
“Although the Covid-19 lockdown is presenting additional challenges to lenders, brokers and lawyers, the investment made by UTB in Fintech and other service enhancements over the last 18 months is helping us to overcome barriers to lending and enabling us to continue supporting brokers and their customers,” Walters added.
Greg Cunnington, director of lender relationships and new homes at Alexander Hall said: “Even in these challenging times, intermediaries and lenders can work together to find great solutions for clients and act quickly.
“This case with UTB has highlighted how important it is to be working with proactive lenders who have the systems, flexibility and desire to lend.”