Call us on 0870 736 9658 to discuss these MARKET LEADING BRIDGING LOANS or CLICK the CONTACT US tab and apply on-line:
NON-STATUS RESIDENTIAL FIRST CHARGE
80% LTV at 1.5% per month….
75% LTV (plus 3 months interest rolled up) at 1.25% per month…
75% LTV (Central London) at 1.08% per month (70% LTV Rest of UK)…
70% LTV at 1.1% per month…
50% LTV at 0.85% per month…
100% funded CLOSED/DAYLIGHT Bridging Loan…
NON-STATUS COMMERCIAL FIRST CHARGE
75% LTV at 1.5% per month…
70% LTV at 1.1 % per month…
70% LTV (plus 3 months interest rolled up) at 1.50% per month
75% LTV (MV 180 Day) at 1.35% per month…
70% LTV with an INITIAL FACILITY of £10k made available towards the cost of valuation, legal and admin fees…..at 1.25% per month…
STATUS RESIDENTIAL & COMMERCIAL FIRST CHARGE
75% LTV at 0.85% per month…
SECOND CHARGE RESIDENTIAL & COMMERCIAL to 65% LTV…
OPEN ENDED BRIDGING LOANS
Some bridging lenders will offer an OPEN ENDED TERM (as opposed to a 12 month facility)….view the COMMERCIAL MORTGAGE tab for more details…
A little more information about BRIDGING LOANS…
BRIDGING (purchase or re-finance, 1st or 2nd charge) is SHORT TERM FINANCE (generally up to 12 months, although open ended facilities are available) and may be used to raise funds on RESIDENTIAL or COMMERCIAL property and LAND with a variety of planning consents or established uses, for any legal purpose such as: Purchase at auction, urgent completions pending re-finance with traditional bank finance, purchase of void property pending developing, re furbishing/re letting or change of planning use, raising cash for working capital, adverse credit repair, deposits for other property purchase, funds for refurbishment/development as well as acquisition……etc…
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Lender bases decision on value of property and identified source of repayment -
To 80% LTV (100% with additional; security) -
At fccf we attempt to use bridging lenders that lend on MARKET VALUE (MV) and not RESTICTED VALUE (180, 120, 90 days) -
Owner occupied, tenanted, vacant properties -
Available to individuals, partnerships, limited liability partnerships (LLP) and limited companies (LTD Co). Where the borrowing is made to a LLP or LTD Co, personal guarantees will be required from the partners/directors -
Rapid decisions and completion, simple process, no meetings with lenders, business plans or accounts. DECISIONS within HOURS, OFFERS within A WORKING DAY, COMPLETIONS within DAYS -
Generally non-status.
NON-STATUS Bridging Loans are granted against the VALUE (not Purchase Price) of a property. Non-Status bridging lenders require four things: -
A valuation from an approved firm of Chartered Surveyors (often an applicant’s incumbent valuation will suffice) -
A bankruptcy search to ensure the borrower is not currently bankrupt (and therefore not legally able to borrow) -
Legal due diligence from their solicitor (which generally is expedited by the use of Title Indemnity Insurance, thus dispensing with the need to carry out a number of time consuming searches) -
An understanding of the eventual source of repayment of the loan
Pricing of non-status bridging reflects the risk and will generally be in excess of 1% per month.
STATUS Bridging Loans are granted against the VALUE of a property but the lender will underwrite against the BORROWER as well as the property. Therefore borrowers will provide details of assets, liabilities, income and expenditure and pricing at generally sub 1% per month reflects a reduced risk to the lender.
Refer to PLANNING GAIN and PROPERTY DEVELOPMENT/Developers Equity Release for details of these specialist bridging products.
Refer to CASE STUDIES for examples.
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