Key features. 1st Charge Residential Bridging Loans. Key criteria. Description:

Transcription

1 1st Charge Residential Bridging Loans Max LTV: Up to 70% Max Loan Size: 5,000,000 Min Loan Size: 30,000 FCA regulated and non regulated loans on residential property in mainland England, Wales and Scotland. This product is suitable for both owner occupied or investment properties 1.25% 30, , % 250,000 and above Freehold blocks: Minimum age 21 Maximum age 85 (independent legal advice will need to be sought in Lending available on freehold blocks of flats under one title. Valuation based on block value.

2 2nd Charge Residential Bridging Loans Max LTV: Up to 65% Max Loan Size: 500,000 Min Loan Size: 30,000 2nd charge facility available on residential and investment property in mainland England, Wales and Scotland 1.35% per month BSQ: A Building Society Questionnaire will need to be completed by the first charge lender on all second charge loans. In most cases Masthaven will also need consent from the first charge lender. It is the borrowers responsibility prior to instructing Masthaven to ensure the first charge lender is willing to grant consent for a second charge.

3 1st Charge Commercial Bridging Loans Max LTV: Up to 65% Max Loan Size: 1,000,000 Loans against commercial or semi commercial property in mainland England, Wales and Scotland. 1.25% per month Property types: Unacceptable security: Owner occupied or tenanted shops or offices that have a profitable trading business with a reasonable covenant. Masthaven is unable to lend against farms, nightclubs, trading pubs, hotels, petrol stations, nursing homes and land without planning.

4 2nd Charge Commercial Bridging Loans Max LTV: Up to 50% Max Loan Size: 250,000 Loans against commercial or semi commercial property in mainland England, Wales and Scotland. 1.45% per month Property types: Unacceptable security: Owner occupied or tenanted shops or offices that have a profitable trading business with a reasonable covenant. Masthaven is unable to lend against farms, nightclubs, trading pubs, hotels, petrol stations, nursing homes and land without planning.

5 Development Loans For use on a 1st charge basis for funding new build developments and properties that require significant structural work in mainland England and Wales. Max LTV: Up to 50% of site value and 75% of build cost Max Loan to GDV: Up to 60% Max Loan Size: 2,000,000 Min Property Val: 100k site value and 250k GDV for new build only 1.35% per month Minimum 1 month, up to 12 months FCA regulated, up to 15 months BTL Arrangement fee 2% (split with Introducer 50/50) subject. Build costs: Masthaven will lend up to 75% of the build costs on a drawdown basis in arrears. The Borrower must put their funds in first. Min initial drawdown: 50,000 Additional site visits: Prior to each drawdown a site inspection may be required at a cost that is payable by the borrower. The Borrower must provide details of work carried out together with invoices. Minimum age 21 Maximum age 75 (independent legal advice will need to be sought in Upfront fee: Legal fee: Experience: Developers must have previous build experience however no experience required if self-build project provided experienced builder is instructed.

6 1st Charge Renovation & Refurbishment Bridging Loans Max LTV: Up to 65% Max Loan Size: 2,000,000 Loans against residential owner occupied or investment properties that require updating, modernisation and renovation. No material structural works allowed. 1.25% per month FCA Regulated up to 15 months BTL Drawdowns: Freehold blocks: Funds available in tranches to allow the borrower to release capital as required. Interest is only payable on drawndown funds. Minimum drawdown 50,000. Lending available on freehold blocks of flats under one title. Valuation based on block value.

7 2nd Charge Renovation & Refurbishment Bridging Loans Max LTV: Up to 60% Max Loan Size: 500,000 Loans against residential owner occupied or investment properties that require updating, modernisation and renovation. No material structural works allowed. 1.45% per month FCA Regulated up to 15 months BTL Drawdowns: Freehold blocks: Funds available in tranches to allow the borrower to release capital as required. Interest is only payable on drawndown funds. Minimum drawdown 50,000. Lending available on freehold blocks of flats under one title. Valuation based on block value.