United Trust Bank has improved its line of transitional products for heavy renovations and brought together its unregulated team to streamline applications.
Rates on the heavy renovation range start at 0.59% with a maximum LTV of 75% for experienced property developers and 0.74% up to 70% for inexperienced borrowers.
Experienced promoters must show proof of two recent successful projects to qualify, while inexperienced borrowers must show evidence of using suitably qualified contractors/professionals with demonstrable experience.
Both categories can benefit from 100% of the costs of the funded works.
Heavy renovation projects include major conversions and extensions, as well as a change of use from commercial to residential and HMO (multiple occupancy homes).
Light renovation projects continue to be covered by the Bank’s standard residential transition product.
A specific underwriting team within the bridging division has been created to handle unregulated bridging loan applications through a streamlined process.
Earlier this year, UTB unveiled improvements to its Fast Track and AVM criteria, intended to increase the possibilities for brokers to recommend the lender’s bridging service to professional real estate developers and investor clients for standard and light renovation cases.
Owen Bentley, UTB Sales Manager, says: “Since improving our Fast-Track and AVM criteria, we have seen a significant increase in inquiries from brokers placing more business with a particular focus on clients buying and improving properties for resale or rental.
“Our new major renovation offer, in addition, makes UTBThe overall decking proposition is even more attractive in a market that is seeing increasing demand for renovation projects. This allows us to make more funds available to customers to purchase opportunities and then cover all improvement costs.
“We are continually talking to brokers about what will help them close more deals, so you can expect to see more improvements and improvements to our products, terms and processes throughout the summer.”