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The well established lender Precise Mortgages has enhanced its bridging loans to help increase the range of products, and at the same time provide an even smoother and more efficient process for borrowers.
If you are buying a property in need of renovation and want to sell or refinance it shortly after completion this new range of 0% facility fee bridging loans could be a good cost effective answer.
Key features and USPs:
For non regulated retained interest cases the lender now only requires the following documents:
› Application form
› Valuation report
› Bank statements
› Schedule of works (Light/Heavy Refurbishment)
Product criteria includes:
Loan Size: Minimum £50,000 – no maximum loan size.
Term: 1-18 Months (maximum 12 months for Regulated Mortgage Contracts).
Minimum property value: £50,000 (£100,000 London).
Facility fee: 0%
Locations: Available in England, Wales and selected postcodes in Scotland.
Customers: UK/EEA Nationals and limited companies accepted, providing these are set up with the specific and sole purpose of purchase, management and sale of investment property (SPVs). Regulated Mortgage Contracts are only available to individual applications.
› No exit fee.
› No early repayment charges (minimum of 1 month’s interest must be paid).
› Interest can be paid monthly or retained for the full term of the loan (Regulated Mortgage Contracts must be retained interest).
› The lower of the LTV/LTP will be used.
› Higher LTVs are available with the provision of additional security (first or second charge basis).
Maximum Loan to Values:
› Standard Bridging: 75%
› Light Refurbishment: 70%
› Heavy Refurbishment: 70%
› Maximum LTP: 90%
› Loans between £1,000,000 and £2,000,000: 70%
› Loans above £2,000,001: 60%
› Regulated Mortgage Contracts: 70%
✔ Residential properties
✔ Investment properties
✔ Limited companies
✔ Security on a first charge basis
✔ Individual applications
✔ Off-shore SPV’s
If you need any help just let us know 🙂
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