The product offers loans up to a maximum of 65% of the day one value of the property and a fixed rate of 0.95% per month. Crucially, borrowers will also be able to draw down 100% of refurbishment costs.
The product launch is being overseen by the Bridging Department's Nick Warren who recently joined the Bank from another specialist development lender and who has 10 years’ experience of such schemes.
Alan Margolis, Head of Bridging at United Trust Bank commented:
“The short term bridging loan market is continually evolving and there has been increasing use of short term bridging loans to acquire and renovate properties.
“We have recognised this by creating a specific tailored bridging product which intermediaries will be able to offer to their professional clients.
“Nick’s experience in this field will enable us to focus on customer service aligned with our competitive pricing and I am confident that our refurbishment product will be extremely successful.”
