United Trust Bank (UTB) has announced new plans to target growth in non-regulated bridging business in 2022.
The specialist lender revealed it is making several criteria changes to its ‘Fast Track’ and ‘Hometrack AVM’ services, as part of a move to increase opportunities for brokers to recommend UTB to professional property developer and investor clients.
For UTB’s Fast Track service, the maximum LTV has been increased from 60% to 65%, while the maximum loan has increased from £750,000 net to £1m net.
On the lender’s Hometrack AVM offering, the maximum LTV has also been increased from 60% to 65%, while the maximum individual property value has been increased from £1m to £2m. The maximum loan qualifying for Hometrack AVM remains unchanged at £1m net
UTB head of sales, Owen Bentley, commented: “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.
“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.”
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