United Trust Bank (UTB) completed a £2.45m regulated bridging loan in 15 days from application to completion, without using automated valuation models (AVMs), after being approached by SPF Private Clients to support a time-critical home purchase.
The case involved a couple seeking to buy their next property before selling their current home. Speed became essential after a family member withdrew a previously agreed gift that was meant to fund the balance of the purchase, leaving a shortfall of more than £2.2m, including a substantial SDLT liability.
Amadeus Wilson, executive director and head of short-term finance at SPF Private Clients, contacted Brad Illman at UTB to arrange urgent funding so the buyers could complete on their new home.
Both properties were located in south-west London and valued at more than £2m. Because the loan required was regulated and totalled £2.45m, two full valuations were needed. UTB instructed valuers and solicitors on the same day the application was submitted.
Key details of the transaction included:
Loan size: £2.45m regulated bridging facility
Property values: both in excess of £2m
Location: south-west London
Time from application to completion: 15 days
Valuations returned within: eight days
The valuations were received within eight days, and the case secured credit approval the following day. Completion took place less than a week later, allowing the buyers to proceed with their purchase and avoid breaching their contract.
“This transaction demonstrates perfectly that UTB can leverage its great broker, valuer and solicitor relationships to complete large and challenging loans quickly when circumstances call for it,” said Brad Illman, head of sales, bridging at United Trust Bank (pictured).
“Working with skilled and experienced brokers like Amadeus and the team at SPF makes it easy to do our job and deliver fast and successful outcomes for everyone.”
“The completion of this loan on time was down to great teamwork and UTB’s expertise in delivering larger regulated loans quickly and smoothly,” added Wilson. “ It was a pleasure to work with Brad and the UTB team in helping our clients through what had become an unexpectedly stressful purchase.”
