UTB Launch CBILS backed bridge and development funding

UTB are and will remain committed to the Bridging industry. We are continuing to lend responsibly, whilst supporting our Brokers & Customers. With this in mind I write to inform you of two exciting & positive changes to criteria:

1) CBILS Lending

UTB has been approved by the British Business Bank (BBB) as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS). For more information about the scheme and borrower eligibility, please see here: BBB CBILS Information.

In relation to bridging lending, under the scheme we are able to provide eligible applicants, whose businesses have been adversely impacted by the pandemic, with Sales Period Finance loans under the following headline terms and criteria:

  • Maximum 70% LTV
  • A rate of 0.55% per month across all LTVs
  • 1% arrangement fee
  • Interest charge for the first 12 months, arrangement & professionals fees may be paid by the Governmen
  • Loans greater than £500k but below £5m
  • Loan terms up to 24 months

Please refer to our website (UTB CBILS website) for further information and a guide to both this product and the Bank’s full suite of available CBILS Loans.

The BBB require certain additional steps and information requirements as part of the application process. There are also guidelines that the introducing broker will need to follow & clearly relay to the customer. Attached you will find a short training presentation which you are required to read, together with a certificate that needs to be completed and submitted to us ahead of/together with the submission of an application.

2) Rebridging

We will now consider rebridging loans where the original loan intention was successfully carried out but more time is required to achieve the ultimate exit. Examples such as the following;

  •  Purchase & refurbishment of a property that’s now completed & on the market for sale
  • Where planning permission has been obtained on a property after acquisition, and they’re now seeking a new loan to carry out the works

We are thankful for your continued support which has remained strong throughout the lockdown period. In order to maintain a high level of service & speed of response while the majority of our team continues to work from home, we have taken the decision to temporarily increase our minimum loan size to £125k across our Bridging product range.

For any further information or for any new enquiries, please contact your regional BDM or Key Account Manager directly, or our Internal Sales Team on 0203 862 1002 / bridging@utbank.co.uk.

Broker Certificate.pdf

CBILS Broker Training Presentation.pdf


Mike Walters

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