United Trust Bank (UTB) has launched a ‘Fast-Track’ service for bridging applications.
This new service was soft launched in Q4 2020 and the feedback has been positive according to UTB.
Supported by a Fast-Track team, the aim of this new service for loans meeting qualifying criteria is to simplify the process for straightforward transactions, making it quicker and easier for brokers to get loans approved and paid out.
Brokers are able to create their own terms, DIPs and ESIS using UTB’s self-service broker portal, or liaising with the in-house UTB Fast-Track team if they prefer.
Fast-Track utilises some of UTB’s existing fintech solutions and unique services such as biometric ID verification, AVMs and dual-legal presentation, to progress the application to offer and drawdown quickly and easily.
The launch is the latest in a series of service and product enhancements introduced by the bank in the past 12 months.
UTB’s Fast-Track qualifying criteria are a maximum loan size of £500,000, maximum 55% LTV and a maximum of two security properties.
In addition, the primary exit should be through sale or refinance of the security properties and the service will not accept heavy refurbishments or property improvement loans.
Dale Jannels, managing director at Impact Specialist Finance, said: “We were very pleased to take part in the soft launch of UTB’s new ‘Fast-Track’ service and our experience through the testing phase has been excellent.
“The key to sourcing and delivering bridging finance is speed and efficiency and this service provides a really quick turnround if cases are submitted correctly.
“UTB are once again employing fintech and experienced, dedicated people to provide a welcome and innovative service to the bridging market.”
Gavin Diamond (pictured), commercial director – bridging, United Trust Bank, added: “This is an exciting evolution of our bridging service and we firmly believe this will enable brokers to do more business, quicker and more easily with UTB.
“We understand that a quick turnaround is vital to most customers, and often why they’ve chosen bridging in the first place, so having developed and implemented a number of time and effort saving systems and processes, we’ve brought them all together to provide this market leading bridging service.
“This new service will further complement UTBs position in the market as the home for all bridging applications, regardless of their complexity.
“Through the introduction of a dedicated internal Fast-Track team to process these applications, we can offer the best possible service and maintain our USP of being an approachable lender that wants to support and work with our brokers.
“Feedback from the brokers who participated in our soft launch has been overwhelmingly positive and we’re now ready to make it available to all UTB registered brokers.”