A broker contacted us with a client who was looking for a bridging loan in order to complete on the purchase of a company.
Having sold their previous company to a private equity firm, our client required a further £250,000 net in order to reach the total amount required to purchase the new company and they needed the money quickly.
Despite a straightforward structure, with the client using their main residence as means of security, as well as a relatively low LTV and re-mortgage fixed as means of repayment, the time scale meant that the UTB Bridging Department had to move quickly and ensure the loan monies were received in time for our client’s purchase to proceed as planned.
The loan offer was received by our client at 5pm on the Thursday afternoon, and completion took place on Friday.
The broker acting on behalf of the client said “I would recommend United Trust Bank if you ever need a job doing quickly!”.