United Trust Bank cuts minimum bridging loan size to £75,000
United Trust Bank has cut is minimum bridging loan size from £100,000 to £75,000.
At the same time the bank has changed its rules so automated valuations (AVM) can be used for some loans.
Gavin Diamond, commercial director, bridging, at United Trust Bank, said: “The reduction in our minimum bridging loan size from £100,000 to £75,000 broadens our offering to brokers and customers in areas where average property values, and therefore loan requirements, may be lower than London and the South East.
“The bridging market has grown significantly in the last few years, largely as a result of professional finance brokers recognising the flexibility and versatility of bridging finance and its suitability as a finance option in a variety of circumstances.
“This is a message we have taken out to brokers across the country and we’ve had an excellent response. The AVMs will significantly reduce the cost and loan processing time for borrowers too.
“We have the products, the team and the systems in place to be able to fulfill an increasing volume of deals without compromising our high service standards. What’s more, UTB remains a dependable and approachable lender with a robust source of funds and a strong appetite to lend.”