BRIDGING LOAN CRITERIA
Maximum Loan to Value is 75% of the Open Market Value (OMV) – less fees, costs and interest.
The most important point to remember when applying for Bridging Finance is that the proposal makes sense. All properties to be offered as security require to be valued by a valuer on our panel. This varies on a case by case basis so please ask for details during the application process. In all bridging loans an exit strategy is paramount. If the loan is at a high loan to value, the proof of the exit will be required.
EXAMPLES OF EXITS ARE:
- a concluded missive to sell on
- a mortgage offer
- a decision in principle letter from a bank
- Development Finance offer letter for post acquisition
- any proof of ability to repay loan after term
Note: The criteria listed here are a general example of a normal set of conditions.
OTHER CRITERIA & FEES
|Loan Term:||1 Month – 12 Months|
|Rate:||From 0.75% per month|
|Entry Fee:||From 1%|
|Exit Fee:||From Nil to 1 Months Interest depending on bank|
|Legal Fees:||On a case by case basis|
|Adverse Credit:||Usually accepted but explanation required if heavy|
|Bankruptcy:||Accepted as long as discharged|