| Eligibility: |
UK resident individuals,
partnerships (including limited liability partnerships) and limited companies. Loans available for business purchase, refinance, expansion and
capital raising. Please note, an established income stream/profit is required to
support loan repayment, demonstrable by sight of latest three years Trading Accounts for
the subject business. We regret we do not consider 'Start-up' proposals. |
|
|
| Loan amounts: |
From £150,000 to £1,000,000.
(Applications in excess of £1m are considered, but will be subject to more
stringent Loan-to-Value (LTV) requirements; please telephone for terms) |
|
|
| 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, shops, light industrial units,
care homes, nursery schools, pubs, hotels and restaurants.
- Assignment of goodwill and floating charge, as applicable.
- Main shareholder/director guarantees for limited company loans.
Loan to value:
|
|
Up to 100% LTV
subject to the Cost Rent Scheme, for the purchase of or refinance of own business
premises. |
|
|
|
|
Up to 100% LTV
subject to registration with the General Dental Council and a NHS contract, for the
purchase of or refinance of own business premises. |
|
|
- Other recognised professional
|
Up to 80% LTV for
purchase of or refinancing their own business premises. |
|
|
- Care homes, nursery schools, pubs, hotels and restaurants
|
The lower of 80% of
market value (MV1) or Purchase Price, subject to a maximum of 100% of market value with
specific assumptions (MV2). |
|
|
|
|
The lower of 80% of
Market Value or Purchase Price (if applicable). |
|
|
|
|
The lower of 75% of
Market Value or Purchase Price (if applicable). |
|
|
|
|
The lower of 70% of
Market Value or Purchase Price (if applicable). |
ii. We can consider 100% of purchase price if we are offered additional security.
Serviceability:
Considered on a case by case basis but as a guide net profit should be at least equal to
15% of the loan.
Interest rates:
Interest will be charged at a margin over Bank of England Bank Rate or National Counties'
Cost of Fixed Funds.
Loans are individually priced, with the margin reflecting the loan to value level. We consider our rates competitive and encourage you to contact
us for a quote.
| Repayment
methods: |
Capital and interest. Interest
only periods considered. |
Fees:
| Valuation |
Panel valuer fees are
payable prior to instruction – please request a quote. |
|
|
| Arrangement |
1% of the loan (0.5%
upon acceptance and 0.5% added to the loan at completion). |
|
|
| Legal |
Approximately 0.25%
of the loan (plus VAT) deducted from the advance at completion. |
|
|
| Early repayment
charges |
See loan product
information sheet. |
Procurement fees/commission are paid
to panel approved intermediaries for successful introductions, on a fully disclosed basis. |
