The updated criteria includes an increase to its maximum loan size, up from £500,000 net to £750,000 net and a rise of the maximum loan to value (LTV) limit from 55 per cent to 60 per cent.
The maximum LTV for automated valuation models (AVMs) also increased to 60 per cent, up from 55 per cent. This will apply across all standard and fast track bridging proposals.
UTB’s bridging division fully launched the service to brokers in February this year. It aims to take bridging loan applications meeting the qualifying criteria through a simplified ‘light touch’ underwriting and administration process to make it even quicker and easier for brokers to get loans approved and paid out.
Brokers can create their own terms, decisions in principles (DIPs) and European Standardised Information Sheet (ESIS) using UTB’s self-service broker portal, or liaise with the in-house fast track team if they prefer.
For example, a customer might require a £350,000 net bridging loan for an auction purchase at £870,000 including a subsale at 43 per cent LTV with an interest rate of 0.48 per cent per month. If the property passed the AVM valuation, then an offer could be issued within 24 hours of application allowing the purchase to be completed ahead of the auction house deadline.
Owen Bentley (pictured) head of sales – bridging, United Trust Bank said: “We’ve been delighted by the response and feedback we’ve had from brokers since launching fast-track to the wider market earlier this year.
“Fast track underlines UTB’s position in the market as a go-to lender for all brokers’ bridging requirements, regardless of complexity.”
Amadeus Wilson, director at SPF Private Clients, added: “Speed and certainty is vital in the bridging business with time pressures on clients increasingly compressed by demanding vendors in this competitive market. UTB’s online portal is quick and easy to use and the fast track process helps us to retain and convert more business.”