A classic bridge in a rural location

farmhouseOur clients, a retired couple, were looking to sell their former farm in Cornwall in order to relocate and be closer to their family and grandchildren.

The couple had found a new home, had an offer accepted and had arranged a mortgage secured on the property being purchased. United Trust Bank provided the balance of purchase funds required, secured against the couple’s non-working farm. The security comprised a first charge over the property with the Bank taking indemnity cover in respect of any agricultural ties or other unsuspected restrictions.

This case is a great example of a classic bridging loan and our ability to apply flexibility in the right circumstances. Whilst the location of the security property, being rural, was outside of the area we would usually consider for lending, the consistent saleability of similar properties in the area, combined with the attraction of the property itself, provided the Bank with sufficient assurance that the non-working farm could be readily sold within the loan term.

United Trust Bank provided a £280,500 facility over a 12 month term and our customers were able to complete on the purchase of their new home.

Facility Amount: £280,500 – LTV: 40%