Bespoke by Business Lending
Borrowers & Loan Type
- The term mortgage for Owner Occupiers and Investors where bespoke pricing and
individual assessment enables funding for the acquisition or refinance of
commercial properties for the borrower's occupational business requirements or
investment purposes. Most types of commercial and semi-commercial properties are
acceptable.
- Loans are available to Sole Traders, Partnerships & Limited Companies.
- Self Administered Pension Funds and Trusts may also borrow subject to an acceptable legal opinion as to
their capacity to borrow and grant security.
Interest rates are Base Rate or LIBOR linked, tailored to LTV, loan size and
credit risk where the security property is of a good quality, in demand and
readily saleable and tenantable.
Loan Size & Margins
|
|
|
| |
Bespoke Owner Occupier |
Bespoke Investor |
|
Income Verification & Status |
3 years trading history confirmed by Profit & Loss, income statements and
forecasts
Additional support considered |
FRI Lease(s) or Licence(s) or AST(s)
Additional support considered |
|
Margin |
1.95% to 4.50% |
1.95% to 4.50% |
| Advance Size |
£500k to £5m |
£500k to £5m |
| LTV Limits |
75% |
75% |
Income/Serviceability
DSR - Debt Service Ratio
ICR - Interest Cover Ratio |
Individual
assessment |
Individual
assessment |
| Credit Profile |
Satisfactory - minor adverse credit by exception |
Satisfactory - minor adverse credit by exception |
| Mortgage Conduct |
Satisfactory - minor past arrears by exception |
Satisfactory - minor past arrears by exception |
| Bank Conduct |
Satisfactorily maintained |
Satisfactorily maintained |
Security Requirements
|
|
| Security |
First mortgage on freehold or long leasehold property, England, Wales. |
| Valuations |
Open market vacant possession. |
| Property |
In acceptable condition for intended trade and purpose with necessary consents in place
prior to completion. See Guidelines for acceptable property types, exclusions and restrictions. |
Repayment Terms
|
|
|
| Capital & Interest |
5 years to 20 years. Interest Only or Repayment Holiday may be considered by
negotiation. Payments calculated in accordance with the margin applied to Bank
Base Rate or LIBOR linked rate. Variable Rate. |
Fees & Commissions
|
|
|
|
Appraisal & Commitment Fee |
Loans £500k-£1m : £500; £1m-£1.5m : £750; >£1.5m : £1000 subject to location and
complexity. Payable on acceptance of provisional offer. |
| Legal & Valuation Fees |
Payable by borrower. Valuation fee individually
negotiated. Legal fees generally 0.25% of loan amount. |
|
Legal Fees Undertaking |
An undertaking for legal costs will be required upon instructions to solicitor
following acceptance of offer. |
|
Lender's Arrangement Fee |
1.5% of loan amount payable on completion. |
| Redemption Fees |
3%, 3%, 3%
in years 1-3 then
1% for remainder of term
In some circumstances a higher profile may be applied |
3%, 3%, 3%
in years 1-3 then
1% for remainder of term
In some circumstances a higher profile may be applied |
| Introducer Commission |
0.5% |
0.5% |