UTB launches AVM and cuts minimum bridging loan size to £75,000
United Trust Bank has reduced its minimum bridging loan size to £75,000 and launched an automated valuation model which can be used on loans meeting certain criteria.
"The reduction in our minimum bridging loan size from £100,000 to £75,000 broadens our offering to brokers and customers"
The new loan size will apply to both regulated and non-regulated lending on a first or second charge basis.
United Trust says the move is in response to increasing demand for smaller bridging loans from brokers and customers across England and Wales.
Gavin Diamond, United Trust Bank Commercial Director – Bridging, 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."
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