Impact and UTB provide 24h bridging offer for last minute chain-break
Specialist mortgage broker and distributor Impact Specialist Finance has received a full bridging mortgage offer from United Trust Bank (UTB) within 24 hours of delivering a fully packaged application using the lender’s Fast-Track facility.
The application for the £365,000 bridging loan concerned clients who were subject to a last minute chain-break, and whose vendor was not prepared to wait for the chain to be closed again.
The applicants were determined to complete their purchase whilst the rest of the chain was resolved and their property sold.
Due to the loan-to-value (LTV) being less than 50%, the case qualified for an automated valuation model (AVM), meaning physical valuations on the two properties were not required.
Qualifying questions were raised and resolved and the offer was credit sanctioned and issued before close of business on the same day.
Dale Jannels, managing director at Impact Specialist Finance, said: “At a time when many chains are under intense pressure to complete, this new ‘fast track’ service couldn’t be launched at a better time.
“Our bridging experience is really making the difference for our brokers by enabling them to find the right lender for their clients, like United Trust Bank in this instance.
“By properly packaging the case, we have proved that we can obtain funding quickly and efficiently for all parties.”
Mike Walters, sales director – property intermediaries at UTB, added: “Fast-Track is an exciting addition to our bridging service, designed to simplify and accelerate the bridging application process and enable brokers to write and complete more business.
“I’m delighted that we’ve been able to use it to achieve a 24-hour application to offer deal for Impact which has enabled them to keep their customers’ house purchase plans alive.
“The team at Impact were fantastic as usual and presented a well packaged application.
“Fast-Track gives brokers confidence that when they tell their customers they can find a quick solution, UTB will help them deliver on that promise.
“I’m looking forward to completing many more quick deals with Dale and the Impact team and working together to develop further innovations which benefit brokers and their customers.”