Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
United Trust Bank (UTB) has expanded its bridging finance proposition with the launch of new standard and near prime ranges, as well as the reintroduction of heavy refurbishment finance. Rates for these products start from 0.58% per month.
The new near prime bridging range is available for both regulated and non-regulated bridging finance. According to the report, these products are designed to bridge the gap between standard and more specialist lending, offering greater flexibility for borrowers with historic credit issues.
UTB’s expanded product range now covers core bridging, second charge, re-bridge, and light, medium, and heavy refurbishment finance. The heavy refurbishment finance is specifically available for non-regulated bridging cases.
These enhancements follow the recent launch of UTB’s new bridging portal and the appointment of Gene Clohessy as director of buy-to-let (BTL) and bridging. Clohessy’s role now brings together sales and underwriting under one director.
The changes are intended to provide brokers with more options for bridging cases, which may be relevant for letting agents and inventory clerks working with landlords and property investors seeking flexible finance solutions for property refurbishment and bridging needs.
Source: Mortgage Strategy