Setting up a short term loan can be a complex task, after all, there are often many factors to consider. With that in mind, we have produced this guide to help give you a quick overview of our products. However, please remember this is for guidance only. We may consider circumstances outside of this guide so always call us directly to discuss your particular requirement. Other terms and conditions may also apply.
Residential Loan
1st Charge Bridging
LTV up to 70%
Rates From 1% per month
Min Property Value £150,000
Minimum Loan £30,000
Maximum Loan £10m
Residential Loan
2nd Charge Bridging
LTV up to 65%
Rates From 1.25% per month
Min Property Value £250,000
Minimum Loan £50,000
Maximum Loan £10m
Commercial Loan
1st Charge Only
LTV up to 60%
Rates From 1.25% per month
Min Property Value £250,000
General Product Details
Geographical
England and Wales
We lend nationwide, secured on property located circa 25 miles of a major city centre or 10 miles from a small city centre
Scotland
City centre only, subject to a maximum 50% LTV
Fees
Arrangement Fee
2% of the total facility, split 50/50 with the introducer, deducted from the loan on completion
Admin Fee
From £399 per property, deducted from the loan on completion
Valuation fee
Variable, dependent upon property value, payable directly to the valuer
Legal fees
Variable, dependent upon loan size, transaction type, deducted on completion
Audit attendance fee
£350 per property
Title Indemnity related fees
Variable, dependent upon loan size and type of property, deducted from the loan on completion
Criteria
Loans to individuals
Loans to UK Limited Companies
Personal Guarantees are required for Directors and 20%+ shareholders. A Debenture is also required
Minimum Age of Applicant
18
Maximum Age of Applicant
65*
*applicants over 65 are considered on a case by case basis
Credit Profile
Clean credit, however we may consider some adverse credit on a case by case basis
Minimum term
1 month
Maximum term
12 months*
*In some circumstances, we may consider lending for a term of up to 3 years please enquire for further information
Unacceptable Criteria
- Properties determined by the valuer as unacceptable security for bridging lending
- Land without planning permission
- Land with planning for commercial use
- Concrete construction
- Football clubs/grounds/training grounds
- Steel frame construction excludes new build property
- Ex Local Authority flats, (ex-local authority houses are acceptable where 50% or more of the immediate vicinity is in private ownership)
- Flats above food premises
- Properties with restrictive covenants regarding occupancy
- Shared ownership
- Nightclubs/Adult entertainment
- Equestrian Centres
- Golf clubs
- Care homes/Nursing homes
- Places of worship
- Freehold flats or maisonettes
- Properties less than 10 years old without NHBH/Zurich guarantees or architect’s certificate
Monthly Payments
Interest will be deducted for the term of the loan on completion. Where applicants wish to service the loan monthly, evidence of affordability will be needed. For example. the last 3 month’s bank statements and payslips.
Solicitors
We will instruct our solicitors to act on our behalf, and the costs are payable by the applicants. Applicants are required to instruct their own solicitors, who must be registered with the Law Society and have a minimum of two partners in the firm. Applicants must attend their solicitor in person with a minimum of two utility bills (excluding mobile telephone bills) dated within the last 3 months and a valid passport.
Audit Attendance
We will instruct our agent to attend the property and meet with the applicant(s). Our agent will also inspect the property and provide a report to us.
Valuation
We will normally instruct the valuation. We do not add any fees to the valuer’s fee this is paid by the applicant directly to the valuer. We will ask the valuer to calculate the value on the Special Assumption of exchange and completion within 180 days.
Exit Route
We require every loan to have a satisfactory detailed exit route.
Second Charges
- In most cases, we will require consent from the 1st Mortgagee
- In some cases, we will require a Deed of Priority
- The maximum loan to value will be calculated based on the gross loan from West One plus the current valid redemption figure from 1st Mortgagee, and not the outstanding balance.
