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| Frequently Asked Questions / Common Terms |
Q. How much can I borrow, and for how long?
A. We regularly make loans of between £100,000 and £3,000,000. We can generally accomodate loans outside of this range with some additional effort. Loan terms are typically less than 24 months.
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Q. What does it cost to apply for a loan?
A. Unlike other lenders, we do not charge for you to make an application.
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Q. What is the interest rate? Can I repay the loan early?
A. Interest is charged on a monthly basis, with the rate being determined by the merits of each individual application (typically between 1.25% and 1.5% per month). You can make extra capital payments at any time, without cost or penalty, reducing the amount of your monthly payments.
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Q. What if I have a poor credit history?
A. Our decision to make loans is driven entirely by the valuation of the property which is used to secure the loan. Your credit record, salary, CCJ's or other debts are not a factor in you obtaining a loan. However, we cannot typically make loans to bankrupt individuals or organizations.
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Q. Can I only use the loan money for purchasing a home in the UK?
A. Absolutely not - you can use the proceeds for ANYTHING that you want - so long as the loan is secured against property in the United Kingdom (England, Scotland, Wales or Northern Ireland)!
We regularly make loans that are used for the following purposes :-
- to buy a second home - including overseas and off-plan properties,
- to buy a business,
- to buy a rental property,
- to make home improvements,
- for non-asset acquisitions,
- to smooth cash-flow difficulties.
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Q. How long before I find out if you will make a loan offer?
A. We attempt to give an indication of loan terms immediately upon receiving your request. It is possible for us to complete the entire process in 5 business days, and the majority of loans are made within 10 business days of the initial enquiry.
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Q. Will you loan to an offshore company?
A. Absolutely! We will make loans to individuals (including foreign nationals and those resident overseas), UK companies, offshore companies, limited partnerships, etc. All loans are considered as long as they are to be secured as first charge against UK property.
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Q. Will you loan against an overseas property?
A. No, we cannot. However, as long as the property used as loan security is in the UK, you are free to use the loan amount to fund the purchase of overseas property.
Examples of suitable loan security include:-
- Holiday Villas, or Residential investment properties
- Office buildings and Retail properties
- Industrial and semi-commercial units
- Leisure industry (bars, hotels, restaurants, nightclubs, sport centres)
- Farms and farm land
- Land (with and without planning) or Building Developments
- Speculative investment properties
- Leasehold properties
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Q. Will you loan against a property owned by somebody else?
A. Yes, but the property owner must be a party to the loan.
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If your question has not been answered, please search for it here:
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We provide bridge loans and bridge financing, secured against property in mainland UK (England, Scotland, Wales, Northern Ireland).
We also provide commercial lending services, commercial financing & commercial loans. Loans for your startup or new business.
Our loans incur no fees or very low fees, depending on cicumstances.There are no upfront charges; no upfront fees.
You will get a fast decision; and then get the funds fast. Contact us regarding your holiday home finance or holiday home mortgage. |