United Trust Bank expands its ‘Fast-Track’ bridging criteria
United Trust Bank (UTB) has expanded the criteria for its award winning Fast Track bridging service following a very successful first six months.
UTB’s Bridging division fully launched the service to brokers in February this year and the dedicated Fast-Track service has proved extremely popular amongst brokers looking for quick decisions and pay outs on straightforward bridging proposals. Earlier this year the service won the award for the ‘Best Product Innovation’ at a prominent industry awards event.
UTB’s new improved Fast-Track qualifying criteria are:
Maximum loan size increased to £750k net (was £500k net)
- Maximum LTV increased to 60% (was 55%)
- Maximum LTV for AVMs increased to 60% (was 55%), which applies across all standard and Fast Track bridging proposals
UTB’s Fast-Track Bridging service is delivered by a dedicated team within UTB’s Bridging Division. The aim of the streamlined service is to take bridging loan applications meeting the qualifying criteria through a simplified ‘light touch’ underwriting and administration process to make it even quicker and easier for brokers to get loans approved and paid out.
Brokers can create their own Terms, DIPs and ESIS using UTB’s self-service broker Portal, or liaising with the in-house UTB Fast-Track team if they prefer. Fast-Track utilises some of UTB’s existing FinTech solutions and unique services such as Biometric ID verification, AVMs and dual legal representation, to progress the application to offer and drawdown quickly and easily.
Example Fast-Track Case 1
- Customer required a £350k net Bridging loan for an auction purchase at £870k (including a subsale)
- 43% LTV at an interest rate of 0.48% pm
- Property passed AVM valuation
- UTB App used for biometric ID verification
- Offer issued within 24 hours of application and purchase completed ahead of auction house deadline
Example Fast-Track Case 2
- Customers required a £500k net bridging loan to chain break an onward purchase in a competitive market
- 35% LTV at an interest rate of 0.48% pm
- Property passed AVM valuation
- UTB App used for biometric ID verification
- Joint legal representation selected by customers
- Biometric ID shared with dual rep solicitors
- Offer issued within 24 hours of application and loan drawn 7 working days later
Amadeus Wilson, director at SPF Private Clients commented: “UTB’s Fast-Track service has enhanced our business by offering a very slick, simple and streamlined process which enables us to get offers within 24 hours and transactions into solicitors hands very quickly.
“Speed and certainty is vital in the bridging business with time pressures on clients increasingly compressed by demanding vendors in this competitive market. UTB’s online portal is quick and easy to use and the Fast-Track process helps us to retain and convert more business. UTB constantly look for ways to adapt and improve their proposition and the expanded Fast-Track criteria is great news for us and our clients.”
Owen Bentley, head of Sales – Bridging, United Trust Bank commented: “We’ve been delighted by the amazing response and feedback we’ve had from brokers since launching Fast-Track to the wider market earlier this year and the expanded criteria will allow even more brokers and customers to benefit from the lightning quick turnaround the service provides. Fast-Track underlines UTB’s position in the market as a go-to lender for all brokers’ bridging requirements, regardless of complexity.
“We’re always talking to brokers and looking for ways to make bridging simpler and more accessible and Fast-Track appears to have really hit the spot. We know how competitive the market is and we’ll continue to support brokers with innovative solutions backed by skilled people dedicated to helping them place and complete more business.”
