Light Refurbishment
FSA regulated and non regulated loans. Download the product guide here.
Fast Track your non regulated loan – Less paperwork, less time…
For non regulated Standard and Light refurbishment bridging loans with a gross LTV of less than 50% we will normally only require the following documentation:
• Completed application form,
• Acceptable identification,
• Satisfactory valuation
• Schedule of works
Where a case is to be serviced or the case is considered more complex we may require additional information.
General Criteria |
|
| Availability |
FSA regulated and non regulated loans |
| Maximum LTV (Loan to Value) |
70% (60% for FSA regulated loans) |
| Maximum LTP (Loan to Purchase Price)1 |
90% |
| Minimum Loan | £50,000 |
| Maximum Loan | No maximum |
| Minimum Property Value | £50,000 (£100,000 London) |
| Minimum Term | 1 Month |
| Maximum Term | 18 Months |
| Properties | Available in England, Wales and Scotland |
| Security | First charges only. We will use Second Charge for additional security where needed. For investment properties only. |
| Customer type | Individuals and Limited companies (FSA regulated loans available to individuals only). |
Interest Rates From |
|
| <= 40% OMV LTV | 1.00% per month |
| >40% – 55% OMV LTV | 1.15% per month |
| >55% – 70% (60% for FSA regulated loans) OMV LTV | 1.30% per month |
Fees |
|
| Facility Fee | 2.00% |
| Procuration Fee | 1.00% |
| Assessment Fee | £295 |
| Legal Fees2 | From £399 |
| ValuationFees2 | From £250 |
| Exit Fee | None |
| Early Repayment Charge | None |
| Interest | Interest can be paid or retained for the full term of loan. |
Product Criteria
This product is available for refurbishment loans where:
• No planning permission/building regulations required
• No change in overall use/nature of the premises
• Overall project costs are less than 20% of the post improvement Open Market Valuation
Lending in excess of LTV and LTP limits can be considered subject to provision of suitable additional security. Download a copy of the criteria guide here.
1 The lower of the LTV/LTP will be used.
2 Full details of legal and valuation fees are available here
