It expects growth in non-regulated bridging
United Trust Bank (UTB) has announced a number of Fast Track and AVM criteria enhancements.
The changes aim to increase opportunities for brokers to recommend the specialist lender to professional property developer and investor clients.
UTB said it is targeting growth in non-regulated bridging business this year.
For Fast Track, UTB has increased the maximum LTV from 60% to 65%, while the maximum loan has been increased from £750,000 net to £1 million net.
For Hometrack AVM, the maximum LTV has increased from 60% to 65%, while the maximum individual property value has doubled from £1 million to £2 million. The maximum loan qualifying for Hometrack AVM remains unchanged at £1 million net.
The increased maximum loan size of £1 million (net) is expected to substantially increase the volume of cases brokers can now place through the Fast Track service, which when combined with Hometrack AVMs, can give brokers instant pass/fail indications and allow them to produce their own terms and decisions in principle in minutes.
“Non-regulated loans tend to be bigger and at higher LTVs so these enhancements to Fast Track and Hometrack AVM criteria give brokers greater scope to consider UTB for their professional clients and enjoy the exceptional service we provide, whether through Fast Track or standard application routes,” Owen Bentley, head of sales (bridging) at United Trust Bank, said.
“This is the first of several criteria, product and process changes we will be announcing over the next few weeks, all of which will make UTB an even more attractive option for brokers looking to source competitive non-regulated and regulated bridging loans.”
