Arc & Co. and UTB close £770k bridge for foreign national borrower in just three weeks

Gareth Briggs, Head of UK Residential Mortgages at Arc & Co., has successfully arranged a £770,000 bridging loan secured against a client's luxury apartment in London's prestigious Millbank building.

The borrower, a foreign national with permanent right to reside in the UK, needed to release equity from their one-bedroom flat in Southwest London, valued at £1.85 million, to complete a property purchase in Montreal, Canada.

Given the low LTV, Gareth and United Trust Bank (UTB) were able to speed up the process by utilising an AVM and the transaction was completed in just three weeks.

The transaction faced several complexities stemming from international wealth verification requirements.

Recognising the time sensitivity of the client's situation, Gareth and UTB managed the necessary verification process in order for the application to proceed smoothly.

Gareth further arranged for the client's existing lawyer, who had handled the original property purchase, to manage the refinancing legal work. This decision contributed significantly to completing the transaction within such a short timeframe.

The £770,000 loan was secured at a competitive rate for a 12-month term.

Gareth commented:

"This case demonstrates the importance of addressing potential technical issues early in the process, especially when dealing with international clients.

“By engaging with the lender’s compliance team and leveraging the client's existing legal relationships, we were able to deliver a swift solution, enabling the client to proceed with their purchase as quickly as possible.”

Nick Warren, Business Development Manager – Bridging at United Trust Bank, commented: “Gareth provided us with all the information we required early on to enable us to assess if we were comfortable with the borrower’s source of wealth.  This allowed the speedy execution of the transaction, and we were delighted to assist the borrower in completing their Canadian purchase.

“Working collaboratively with knowledgeable and experienced brokers like Gareth enables the whole process to flow quickly and seamlessly, and we look forward to assisting Gareth and the Arc & Co. team with more bridging deals in the future.”