£18.49bn of Bounce Back Loans agreed

by Property 118

14:17 PM, 27th May 2020
About a month ago

£18.49bn of Bounce Back Loans agreed

Make Text Bigger
£18.49bn of Bounce Back Loans agreed

HM Tearsury publish management information each Tuesday for each of the three Covid-19 emergency loan schemes schemes (CBILS, CLBILS, BBLS), including: The total number of applications, number of approved applications and the value of loans approved.

The applications figure includes approved applications, those applications that are still to be processed, applications that have been declined and those applications that may turn out not to be eligible or cases where customers will decide not to proceed.

For CBILS, this number will also include a number of applications that have subsequently been converted to applications for the BBLS scheme.

Bounce Back Loan Scheme (BBLS)

Data Value of Facilities Approved Number of Facilities Approved Number of Applications
10 May £8.38bn 268,173 363,646
17 May £14.18bn 464,393 581,516
24 May £18.49bn 608,069 769,137

Coronavirus Business Interruption Loan Scheme (CBILS)

Data Value of Facilities Approved Number of Facilities Approved Number of Applications
10 May £6.09bn 35,919 64,531
17 May £7.25bn 40,564 81,124
24 May £8.15bn 43,045 84,607

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Data Value of Facilities Approved Number of Facilities Approved Number of Applications
10 May £0.36bn 59 450
17 May £0.59bn 86 496
24 May £0.82bn 154 502


Comments

JohnCaversham

10:51 AM, 28th May 2020
About a month ago

Be aware that if you are refinancing consolidating or making further purchases, then your lender may well take the view that in accepting a Bounce Back Loan you are admitting that you are under financial duress-hence the requirement for financial support, same goes for mortgage holidays, double check the current status with your broker first, we are currently having the run around with a well know finance group who appear to not know their elbows from other parts of their anatomy after they've taken a round of application fee's from us then advise that as we've had a BBL they will not be able to lend to us.. Good grief-clarity at the start would've been useful!

Dylan Morris

12:16 PM, 28th May 2020
About a month ago

Reply to the comment left by JohnCaversham at 28/05/2020 - 10:51
I would imagine most businesses who’ve had their turnover removed by the Government would be under financial duress.

Rbinscotland

14:52 PM, 28th May 2020
About a month ago

I know there's been a delay but with a dozen calls emails resend PDF's its not just financial duress or distress im feeling. I applied 3rd May is it normal to be so long?

JohnCaversham

15:06 PM, 28th May 2020
About a month ago

Ours BBL came through via Nat West in around 7days....May have to send it back though if mortgage lender isn't happy about us receiving it!...lol

moneymanager

11:46 AM, 30th May 2020
About a month ago

Reply to the comment left by JohnCaversham at 28/05/2020 - 10:51
A very different situation I think between an incorporated an unincorporated borrower and as the latter I wouldn't want to touch a BBL with a barge pole.

moneymanager

12:07 PM, 30th May 2020
About a month ago

Any way you look at this the damage done to both the state and to private business by the foisting on it of "Greek" style debt when it was neither wanted nor needed is positively Kafkaesque. Six year debt, guaranteed by governement but for which you pay (under BBL) 2.5% to a bank with a near zero cost to its "stock" seems like a dammed good business proposition, they sure as hell would never have had that much lending without "COVID. Under CBILS the floating rate option is most likely going to include a "never less than 0% clause" but that will be PLUS the facility margin which means the bank will be charging you a positive rate of interest EVEN IF its cost of funds turns negative, I'd call that theft, or am I misreading something?

Luke P

23:30 PM, 30th May 2020
About a month ago

Reply to the comment left by moneymanager at 30/05/2020 - 11:46
Why if you’re unincorporated?


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Eviction ban to end 24th August

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More