United Trust Bank (UTB) has cut rates on its bridging loans and made several changes to its lending criteria after listening to broker feedback.
Rates on regulated and unregulated bridging loans have dropped at different loan-to-value (LTV) levels, including a cut of up to 0.15% on unregulated second charge bridging loans.
Loans up to 70% LTV have gone from 1.10% to 0.95% per month, while loans up to 60% LTV now sit at 0.90% per month, down by 0.10%.
Larger loans from £1.5m to £5m are now available up to 75% LTV at 0.75% per month and up to 70% LTV at 0.70% per month.
The bank has also raised its LTV limits for re-bridging, increased use of automated valuation models (AVMs) up to 75% LTV, and will now allow its light and heavy refurbishment loans to go up to 75% LTV with more flexible criteria.
Re-bridging is now available up to 70% LTV, and up to 75% on closed bridge cases.
AVMs are accepted on eligible properties up to 75% LTV, including light refurbishment cases where borrowing will not exceed 75% of the initial value.
Paula Purdy, sales director – bridging at United Trust Bank, said: “When brokers tell you what they want from lenders, you’d be foolish to ignore them.
“We’ve listened to the market and responded with these excellent rate reductions and criteria changes, greater flexibility and increasing acceptance of AVMs to streamline application processing and save customers time and money.
“We have one of the most experienced and knowledgeable teams in the Bridging business.”
Purdy added: “Our Sales, Underwriting and Administration teams are all driven to support brokers and deliver the best possible outcomes for complex and everyday bridging cases.
“We understand the value of relationships, trust and reliability, and although it looks like the rest of the year may be challenging on many fronts, UTB will be side by side with brokers helping to ensure their customers quickly obtain the competitive finance they need to seize opportunities and achieve their goals.”
