United Trust Bank improves heavy refurb offering and adds non-regulated bridging team

For experienced property developers, rates start from 0.59 per cent per month with a maximum 75 per cent loan to value (LTV) against day one value. This is net of interest but including fees.

Up to 100 per cent of works costs can be funded and a maximum 75 per cent loan to gross development value (LTGDV) can be accessed.

Experienced property developers will also need to show evidence of two recent successful projects.

Inexperienced property developers looking for heavy refurbishment with UTB can access rates from 0.74 per cent per month and a maximum 70 per cent LTV against day one value is available. This is net of interest but includes fees.

Borrowers in this category can also get up to 100 per cent work costs funded and a maximum 70 per cent total LTGDV.

They will also need to show they are using suitably qualified and experienced contractors and professionals.

UTB said that its heavy refurbishment range covers significant conversions and extensions, and change of use from commercial to residential and houses in multiple occupation (HMO).

The lender has created a specific underwriting team within its bridging division to cater for non-regulated bridging loan applications.

UTB said earlier this year that it was targeting growth in non-regulated bridging and it made changes to fast track and automatic valuation model (AVM) criteria.

Owen Bentley (pictured), head of sales for bridging at UTB, said that since its fast track and AVM criteria changes it had seen a significant increase in enquiries from brokers, and there were emphasis on customers buying and improving properties for resale or letting.

He added that its heavy refurbishment offering made its bridging proposition “even more attractive in a market that is seeing increasing demand for refurbishment projects”.

“It allows us to make more funding available for clients to purchase opportunities and then cover all the improvement costs and with a new streamlined non-reg application process and specialist underwriters and case managers driving deals through, we believe we have one of the best combinations of product, pricing and speed in the market,” Bentley noted.

“We are continually talking to brokers about what will help them write more business, so you can expect to see more improvements and enhancements to our products, terms and processes throughout the summer.”