United Trust Bank

UTB provides £1m bridge for urgent divorce settlement

Specialist lender United Trust Bank (UTB) has provided a £1m bridging loan to a client in the middle of a divorce settlement.

The client required the funding to fulfil the payment of a substantial settlement within two weeks.

Had the client failed to pay the agreed settlement on time, he may have had to return to court.

The client owned a company which itself owned a development of four flats in London – on a single freehold – which were to be marketed for sale with each one being sold off on a leasehold basis.

The proceeds from the sales would provide the exit from the loan.

The freehold included in the flats was being offered as security to raise the finance needed to pay the settlement.

The client was currently residing in one of the properties, but would move back into the former marital home once his ex-partner had moved out.

UTB worked with the valuers and solicitors to complete the deal within the deadline and ensured the funds were paid to the client’s ex-wife on time.

All Types of Mortgages (AToM) and UTB recently completed a £1.7m bridge in just nine days.

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