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Impact and UTB combine on £450k downsizing bridge for older borrowers

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  • 07/07/2020
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Impact and UTB combine on £450k downsizing bridge for older borrowers
Impact Specialist Finance and United Trust Bank (UTB) have completed a £450,000 regulated bridging loan to enable a couple to downsize their property after a sale stalled.

 

The facility was used to help a couple in their 70s to secure the purchase of a new residential property after their sale ran into difficulty.

The purchase price of the new property was £525,000, with the existing property valued at £850,000.

The couple financed the acquisition through a 12-month regulated bridge with full interest roll up with no payments due and interest paid on redemption for £450,000, with the balance made up from cash savings.

An automated valuation model (AVM) was used as part of the underwriting.

Impact said the case highlighted the value of short-term lending’s flexible funding options which could support borrowers with a wide range of property requirements.

Managing director Dale Jannels (pictured) noted that while it may not be a huge case in terms of value, it does demonstrate just how quickly funds can be raised in the current climate.

“This is an increasing scenario in the current climates as chain reliant transactions falter, due to many unforeseen reasons,” he added.

UTB sales director – property intermediaries Mike Walters said: “We’ve built a strong relationship with Impact Specialist Finance and the smooth and successful completion of this case is testament to the hard work put in by both sides.

“We enjoy working with experienced, professional advisers who understand the versatility of short-term finance and are committed to finding the best solutions for their clients.”

 

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