Give me the facts
|ELIGIBILITY||Ltd companies or sole traders based in England, Scotland and Wales|
|AMOUNT||£50,000 - £1.5m. Max 75% loan-to-value (LTV) considered|
|DURATION||Up to 18 months|
|INTEREST RATE||From 0.95% per month|
|FEES||Set up fee 1.5% of the loan or £1000 (whichever is greater), included in your repayments|
|APPLICATION PROCESS||Online enquiry and call or meeting|
|SECURITY REQUIRED||First or second charge will always be registered against property|
|SPEED OF DECISION||Quote within 1 hour with a fully credit backed offer normally received within 72 hours|
|TIMING OF CASH||Typically around two weeks but can be as quick as 5 working days|
|REPAYMENT||Monthly serviced or rolled|
|PERSONAL SERVICE||Dedicated customer services team|
|BEST FOR...||Interim finance when buying or renovating property|
How it works
Your questions answered
Although bridging loans are often used to ‘bridge the gap’ between selling a property and buying another, they can be used for more or less any business purpose. Perhaps you want to make a first-time property investment at an auction. Or maybe you’re looking to refurbish a property to increase the yield. It doesn’t even have to be related to property either, You can use it for any short-term capital injection. For example, if you have a tax liability and need to clear your debt.
Whatever your purpose, we’ll turn your application around quickly to get your funding in place.
Our bridging loan gives you the finance you need now, with up to 18 months to repay or to arrange longer-term borrowing.
£50,000 - £1,500,000. 1ST charge (open market value) 75% residential, 70% semi-commercial, 65% commercial, 2nd charge (90 day value) 75%. We also offer up to 70% against land with planning and 60% on land without planning depending on the experience of our applicant.
We’re an experienced lender. We understand why businesses need finance and the need for a fast turnaround – particularly where buying property is concerned. We make decisions quickly and will pull out all the stops to get your funding in place. Even to the tightest deadlines. There are no hidden charges, and our rates are competitive. In short, we’re fast, we’re flexible and we’re fair.
Unlike some lenders we base our LTV on the property’s open market value, giving you greater borrowing potential. On first charge loans, we can lend you up to 75% of the value for buy-to-let residential property, up to 70% for a semi-commercial property and up to 65% for commercial premises. Unlike some other lenders we will also lend against land, we can look at up to 60% for land without planning permission and 70% for land with planning permission depending on location and experience. On second charge loans we can lend you up to 75% of the 90 day value on residential, semi-commercial and commercial properties.
A first charge loan is a facility that is secured via a first ranking charge on your property, with the second charge loan being a facility that is secured via the second ranking charge against your property. To put this into perspective your mortgage on your personal residence will be secured via a first charge, if you have taken out a secured facility to release some working capital into one of your business interests and you don’t have a property portfolio then the likelihood is that this will be secured via a second charge.
In terms of an Ultimate Bridging Loan, we will only be able to take first charge on a property that isn’t your personal residence, this is because a first charge on your personal residence is classed as a mortgage, and because we aren’t regulated by the FCA we can’t offer that type of facility.
A first charge loan will normally enable a bridging lender to offer more flexibility in terms of the funding and structure of facility on offer, as this is the most secure way of funding for a lender.
With this repayment method you don’t have to make any monthly interest payments. Instead, we ‘roll-up’ the interest and add it to your balance at the end of your loan term.
It can suit borrowers who want to keep their monthly repayments as low as possible throughout the term of the loan. It’s worth noting though, that rolled-up interest can’t exceed our maximum LTV criteria.
Yes. As long as you meet our borrowing criteria we’d be happy to consider your application.
No. Any borrowing with us has to be for a business purpose.
We try to make the process as simple – and as quick – as possible. Generally, we’d be looking for your last 3 months’ bank statements along with colour photo ID. Details of your exit route will also be required with your application
Of course. If you find yourself in a position where you can repay the loan quicker that’s fine by us.
Not a problem. Provided you still meet our lending criteria, we can look at providing additional borrowing.
We charge a set up fee of 1.5% of the loan or £1000 (whichever is greater) which we include in your repayments, so you won’t have to pay it up front. The only other upfront cost would be for the valuation of the proposed security, which is paid for by the client at the time of instruction, and solicitors fees which are deducted by the solicitors when the funds are being processed for pay out. There will be additional charges should your facility fall into default.
Full valuation instructed by Ultimate Finance from our panel of nationwide surveyors, the fee for this is paid for by the applicant
Providing they are all for different properties and assuming you meet all of our eligibility criteria then there’s no limit on the number of bridging loans you can apply for.