UTB raises max bridging LTV to 65%
United Trust Bank (UTB) has increased the maximum loan-to-value (LTV) available on its standard and light refurbishment bridging loans to 65%.
Key features of UTB’s bridging offering include a rate card from 0.48% per month on maximum 50% LTV deals.
The minimum property value must be £150,000, or £100,000 for multiple securities.
In addition, automated valuation models (AVMs) are available for loans up to £1m, with a maximum LTV set at 55%, and a maximum property value of £1m.
Mike Walters, sales director of property intermediaries at United Trust Bank, said: “Throughout 2020 United Trust Bank released a wide variety of products, criteria and digital enhancements to help property finance intermediaries write more business whilst still navigating the challenges created by the COVID-19 pandemic.
“As a result, the Bank completed record volumes of new bridging business last year and we’re keen to top that achievement in 2021.
“This increase to our maximum bridging loan LTV is a clear signal of our confidence in the market, and our desire to support brokers and their customers in securing competitive and reliable funding from an experienced, through-the-cycle lender.”