United Trust Bank (UTB) and Brightstar Financial have completed a £200,000 regulated second charge light refurbishment bridging loan to support extensive home improvement works for a pair of clients.
The borrowers were midway through a major renovation programme at their property, which included the construction of a new garage and gym, the creation of a master bedroom suite, and the addition of further rooms and storage.
With the property still around four months from completion, funding was required quickly to keep the project on schedule.
Benjamin Peace, bridging and development finance specialist at Brightstar Financial, approached Bradley Illman, UTB key account manager – BTL and Bridging, to secure a fast and suitable solution.
Given the substantial first charge mortgage already in place and an expected post-works value of £4.25m, a standalone second charge light refurbishment bridging loan was identified as the most efficient option.
The use of dual representation through Lightfoots LLP further accelerated progress.
The loan will be repaid via the refinance of both the first and second charge mortgages once the refurbishment works are completed.
Peace said: “UTB are a go-to lender for second charge regulated bridging and I was confident that they would offer a great solution and could complete the deal quickly.
“Brad and the UTB team worked closely with Lightfoots and everyone involved did everything they could to keep the application motoring.
“My clients were delighted with the outcome which kept their home improvement works on track.”
Illman added: “Benjamin is a great broker who knows exactly what we need to give a fast decision and get a deal through quickly.
“This, combined with UTB’s expertise in regulated and second charge bridging, and between us all we delivered a solution which gave the customer exactly what they needed.”
