| Eligibility: |
UK resident individuals,
partnerships (including limited liability partnerships), limited companies and offshore
SPV's (Channel Islands/Isle of Man only). |
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| Loan amounts: |
From £150,000 to £10,000,000. |
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| Loan term: |
Up to 25 years. |
Security:
- First charge on a freehold property situated within England or Wales.
Leaseholds are also acceptable providing there is 50 years remaining at the end of the
mortgage term (30 years Central London).
- Acceptable property types - offices and shops, although light
industrial units and warehouses may be considered.
- Deed of rental assignment (right to assign rents).
Loan to value: The lower of up to 85% of Market Value or Purchase
Price.
If the lease is to expire or a break clause is prevalent,
within 5 years of loan draw down, our loan must amortise to 80% of Market Value at this
point.
| Serviceability: |
Minimum interest cover of 110%. |
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| Interest
rates: |
Interest will be charged at a margin over Bank
of England Bank Rate (Variable) or National Counties' Cost of Fixed Funds (Fixed). |
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Margins are assessed on the merits of each
individual application/proposal. Please contact us for further information and/or a
quote. |
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| Repayment
Methods: |
Capital and interest, interest
only and full interest/part-capital repayment schemes available. |
Fees:
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Panel valuer fees are payable
prior to instruction – please request a quote. |
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Negotiable, although we seek to
collect 1% of the loan (0.5% upon acceptance and 0.5% added to the loan at completion). |
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Approximately 0.25% of the loan
(plus VAT) deducted from the advance at completion. |
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- Early repayment charges -
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See product information sheet. |
Procurement fees/commission are paid to
panel approved intermediaries for successful introductions, on a fully disclosed basis. |
