Impact Specialist Finance and United Trust Bank (UTB) have produced a ‘fast-track’ bridging facility within 24 hours.

The specialist mortgage broker and distributor received a full bridging mortgage offer from UTB within 24 hours of delivering a fully packaged application, using UTB’s new fast-track facility.

The application for the £365,000 bridging loan was delivered electronically to UTB late on Sunday evening and the applicants were determined to complete their purchase while the rest of the chain was resolved and their property sold.

Due to the LTV being less than 50%, the case qualified for an AVM meaning physical valuations on the two properties were not required. Qualifying questions were raised and resolved on the Monday morning and the offer was credit sanctioned and issued before close of business on the same day.

Impact suggested that the case represents a good example of how packagers and lenders can utilise technology to deliver offers on specialist lending transactions in a timely manner.

“At a time when many chains are under intense pressure to complete, this new ‘fast-track’ service couldn’t be launched at a better time,” commented Impact managing director, Dale Jannels.

“Our bridging experience is really making the difference for our brokers by enabling them to find the right lender for their clients, like United Trust Bank in this instance. By properly packaging the case, we have proved that we can obtain funding quickly and efficiently for all parties.”

UTB sales director – property intermediaries, Mike Walters, called the lender’s fast-track facility an “exciting addition” to its bridging service, suggesting is designed to “simplify and accelerate” the bridging application process.

“I’m delighted that we’ve been able to use it to achieve a 24-hour application to offer deal for Impact which has enabled them to keep their customers’ house purchase plans alive,” Walters added. “The team at Impact were fantastic as usual and presented a well packaged application.

“I’m looking forward to completing many more quick deals with Dale and the Impact team and working together to develop further innovations which benefit brokers and their customers.”

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