Frequently Asked Questions
How much can I borrow?
What limits on borrowing are there?
What about if I don't have accounts?
Are there minimum and maximum age limits?
What about if I have had credit problems in the past?
Do you have a minimum property value?
How long will it take?
Can I use my own solicitor?
Are there any upfront fees?
How much can I borrow?
The minimum loan we can consider on our prime loan plans is £50,000 and the maximum loan is £2,000,000. However if you require less than this we can offer you're an alternative as long as you want to borrow in excess of £10,000.
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What limits on borrowing are there?
You can normally borrow up to 75% (80% if you a professional) of the bricks and mortar value of your commercial property subject to demonstrating your ability to make the repayments on the loan.
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What about if I don't have accounts?
Don't worry. We specialise in helping people who do not meet the lending criteria of traditional banks. We can normally accept a self declaration of your income with some other supporting information e.g. bank statements.
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Are there minimum and maximum age limit?
The minimum age for our loans is 21 years old. There is no maximum limit.
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What about if I have had credit problems in the past?
Don't worry. Unlike traditional banks we are not hung up on the past. We focus on the future and your plans and ability to make repayments. What about if I have had credit problems in the past?
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Do you have a minimum property value?
The minimum property value that we can lend against on our prime loan plans is £75,000. There is no maximum. However if your property is less than this but at least £20,000 then we may be able to help you with one of non standard schemes.
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How long will it take?
Typically it will take us about 4 weeks to complete your loan from start to finish. However this assumes you promptly return the paperwork we send you and you accept our recommendation to use a firm of solicitors who are experienced in handling commercial transactions of this nature. In exceptional circumstances we are able to complete a loan for you in about 14 days.
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Can I use my own solicitor?
You can use your own solicitor. However in our experience this often leads to avoidable delays and has caused previous clients to lose out. We strongly recommend you select a firm of solicitors from our panel. They are all experienced in handling commercial transactions of this nature.
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Are there any upfront fees?
Yes there are. Once we have approved your application in principal we will ask you for a cheque to cover your valuation fee. Once the valuation has been carried out the valuation fee is not refundable should you decide not to proceed.
Once the valuation is completed and once we have made our offer we will require on all our prime loan plans a good faith deposit of £500 (£1,000 if the loan is over £250,000) which is non refundable should you later decide not to take up our offer. This covers the lenders costs in approving your application.
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