United Trust Bank has improved its heavy refurbishment bridging product range and brought together its non-regulated team to streamline applications.

Rates on the heavy refurbishment range start at 0.59% with a max LTV of 75% for experienced property developers and 0.74% up to 70% LTV for inexperienced borrowers.

Experienced developers must show evidence of two recent successful projects to qualify, while inexperienced borrowers must prove they are using suitably qualified contractors/ professionals with demonstrable experience.

Both categories can avail of 100% of works costs funded.

Heavy refurbishment projects include significant conversions and extensions, and change of use from commercial to residential and HMOs (houses in multiple occupation).

Light refurbishment projects continue to be catered for on the Bank’s standard residential bridging product.

A specific underwriting team within the bridging division has been created to manage non-regulated bridging loan applications through a streamlined process.

Earlier this year, UTB unveiled enhancements to its Fast Track and AVM criteria, intended to increase opportunities for brokers to recommend the lender’s bridging service to professional property developer and investor clients for standard and light refurbishment cases.

UTB head of sales Owen Bentley says: “Since enhancing our Fast-Track and AVM criteria we have seen a significant increase in enquiries from brokers placing more business with a particular emphasis on customers buying and improving properties for resale or letting.

“Our new heavy refurbishment offering in addition, makes UTB’s overall bridging proposition even more attractive in a market that is seeing increasing demand for refurbishment projects.  It allows us to make more funding available for clients to purchase opportunities and then cover all the improvement costs.

“We are continually talking to brokers about what will help them write more business, so you can expect to see more improvements and enhancements to our products, terms and processes throughout the summer.”