United Trust Bank (UTB) completed a £505,000 regulated bridging loan for downsizing clients in just seven business days.
The broker approached Gary Lomax (pictured), key account manager at UTB, to help clients buy a smaller home before selling their current one.
The loan covered the purchase, Land and Buildings Transaction Tax, and legal fees.
Both properties needed full valuations because the existing home was of non-standard construction and the new property failed the initial automated valuation model (AVM).
The application was received on 4th September and the initial underwrite was finished the next day.
Pure Panel Management carried out both valuations on 8th September.
Solicitors were instructed before formal agreement, and the loan was offered and funds made available by the end of the week.
The clients completed on their new home on 22nd September.
Lomax said: “AVMs can certainly help to accelerate bridging cases, but this example shows it’s not the end of the world if you can’t use AVMs but still need a quick turnaround.
“If the lender, broker, valuer and lawyers all work together everything is possible.”
