UTB completes £308,000 loan to fund part of divorce settlement

United Trust Bank has provided a £308,000 loan to help fund part of a divorce settlement.

The bridging team at United Trust Bank was required to turn the deal around quickly as the customer needed the funding to avoid returning to court, which would have resulted in further legal costs.

The customer and his mother jointly owned a single freehold property in north London comprising a ground floor restaurant and two self-contained flats on the upper floors.

The mother previously occupied one of the flats, but had recently vacated it before the property was tenanted.

The exit for the loan was to be via refinancing with a long-term mortgage facility, but this wouldn’t be straightforward for a number of reasons: the son had a default on his credit file and although the restaurant and accommodation were high yielding, all the properties were held on a single freehold title.

However, the introducing broker was able to demonstrate to United Trust Bank’s bridging team that despite the challenges, a refinance of the property sufficient to repay the 31% LTV bridging loan could be arranged.

United Trust Bank approved and completed the £308,000 loan in a short timeframe to meet the divorce settlement deadline, and the 12-month term gave the borrowers enough time to secure a longer-term refinance package.

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