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United Trust Bank undercutting market with 0.48% bridging finance rate

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United Trust Bank has undercut many of the biggest players in the bridging market by launching a super-low rate.

The new bridging loan is priced at 0.48% per month up to 50% loan-to-value. It has a 2% completion fee, and it is available for loans between £75,000 and £15,000,000.

The rate rises up to 0.55% per month at 55% loan-to-value, or 0.59% per month up to 65% loan-to-value. It increases to 0.75% per month up to 75% loan-to-value.  

Aaron Strutt, director at Trinity Specialist Finance, says: “Many of the bridging loans we have arranged recently have been for buyers struggling to sell their property, so they do not have enough money to complete on the onward purchase. Others cannot secure finance quickly enough for the purchase to go through.

"Others are buying at auction or purchasing properties overseas, while some repay development finance loans."

What type of property is acceptable?

Owner-occupied residential and investment properties are the most common types of security, although non-working farms, semi-commercial and property portfolios are also accepted.

Lenders can consider commercial properties, HMO’s, ex-local authority, land with planning permission, listed buildings and rural properties.

The minimum property value is £150,000 for single securities or £100,000 for multiple securities.

When does the loan need to be repaid?

Regulated bridging for residential properties is available for up to 12 months, while unregulated bridges are available up to 36 months.

Any lender will want to understand exactly how the loan will be repaid before releasing the funds.

Who will United Trust Bank lend to?

United Trust Bank will lend to UK based borrowers and ex-pats, foreign nationals, UK companies and trusts. They will also lend to SPV’s, funds, executors, and older borrowers as there is no maximum age limit.

Who pays the legal fees?

The client is responsible for paying the legal fees, costs and disbursements associated with the loan. 

For regulated loans up to £1 million, borrowers can select a firm on the bank's panel to act for themselves and the bank.

Call Trinity Specialist Finance on 020 7016 6151 to secure a bridging loan

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