The loan was provided to a professional landlord to enable them to purchase a property with potential to add value with planning gain and redevelopment, which would eventually be added to their BTL portfolio.

The original loan was drawn in August 2023 with a 12-month term.

The works schedule was beset with delays from the start and, having stripped out the property, the main contractor then couldn’t start work until mid-February 2024.

More problems ensued including a four-month delay to the delivery of the windows.

UTB subsequently agreed to a three-month extension to the original term and a loan increase to cover additional costs and interest.

With issues surrounding the installation of a new solar and heat pump system, the borrower was unable to obtain an EPC required by the BTL mortgage lender approached to refinance and exit the bridging loan.

However, UTB agreed to a further four-month extension.

The loan was eventually repaid in March 2025, seven months after the original 12-month term had expired.

•   The Finance Professional Show 2024: The Video
•   UTB completes £345,000 second-charge bridging loan for holiday let
•   UTB Mortgages partners with Next Intelligence

The borrower considered the project a success and wrote a letter to express their gratitude for UTB’s senior bridging loan administrator Kalpana Shah’s support.

The Wolverhampton-based borrower, named Harman, wrote: “I just wanted to say a big thank you for all your help and support with the bridging loan, and especially for sorting out both of the extensions.

“I honestly don’t think the project would have made it over the line without you. You really went above and beyond, and I truly appreciate it.

“The project turned out to be much more complicated than I expected: over budget and well behind schedule and, being my first bridging loan, there were definitely a few lessons learned. But your support throughout made a massive difference.

“I’m planning to take on more projects like this in the future, and I’d really love to work with you and UTB again when the time comes. It makes a huge difference working with someone who’s approachable, efficient, and genuinely supportive.”