15 April, 2016
United Trust Bank has launched a selection of ‘residential property improvement’ loans for experienced professionals.
The loans, which stand at 0.95% per month which is added to the loan, allow borrowers to fund 100% of property improvement works and 70% of the gross development value.
Customers can take out a maximum £500,000 loan on improvements, or 50% of the initial market value, and to borrower £1.5m subject to the GDV.
Gavin Diamond, head of sales and underwriting in United Trust Bank’s Bridging Division, said: “With terms of up to 18 months, these flexible and extremely competitive new loans will appeal to experienced property improvers looking for excellent value and the opportunity to work with a finance partner that understands the property business, the process and the challenges which can often arise during a residential improvement project.
“This product is something of a bridging and development finance hybrid. But like many of the products brought to market by United Trust Bank, it is a specific response to demand and has been developed in consultation with our broker partners.
“The team at United Trust Bank has decades of collective experience in the property sector as well as in short term secured finance, and can provide much more than just the pounds and pence required to successfully complete a project, especially should complications crop up along the way.”