Over the last few years, UTB has developed its unregulated bridging offering by creating great products, hiring experienced and knowledgeable people and focusing on excellent service and delivery. As a result, we’re now doing more unregulated bridging business than ever before…and we want more!
This recently completed bridging loan is a great example of the more complex scenarios we can accommodate, providing a bridging solution to meet the customers’ needs quickly and creatively.
Whether your unregulated cases are somewhat complicated, or just plain vanilla, there are lots of great reasons to choose UTB. Find them all in our Unregulated Product Guide HERE. For more information or to discuss a case, give us a call on 020 3862 1002.
Complex £1.05m Bridge to Director’s Loans for Purchase and Refurb
We were asked to assist two business owners who wished to take substantial director’s loans from their company to put towards the purchase of their new main residence. As such, our borrower was the business rather than the two directors.
The business needed to raise just over £1.05m to supply the loans and the security would be a BTL property owned by the business, plus third-party legal charges over two further BTL properties owned personally by the couple.
The purchase price of the property they wished to buy was £1.2m and, as a repossession, the aim was to complete the purchase within three weeks, hence choosing to bridge. The business owners intended to spend a further £500k refurbishing the property over the following 9 months, increasing the value to around £2.2m once the works were completed. The balance of the money needed to acquire and then complete the improvement works would come from the business owners’ savings.
The directors intended to sell the two personally owned BTL properties offered as part of the security package, and this would enable them to repay their director’s loans which in turn would allow their company to exit the bridge.