Borrowers
Capital for owners who need certainty, not process.
Short-term loans secured on UK residential and commercial property, written for companies, SPVs, trusts, investors and developers.
What we fund
Four situations we see most often.
Residential investment
Investment houses, flats and portfolios held by companies, SPVs and trusts. Prime central London and the wider UK. We do not lend on property the borrower or their family lives in.
Commercial and mixed use
Offices, retail, hospitality and mixed use blocks, including assets in transition where income is being rebuilt or a change of use is planned.
Development exit
Repay a development facility on practical completion at a lower cost of capital, and give the sales or letting programme the time it needs.
Refinance
Replace a maturing facility, or a facility with a lender that has withdrawn.
Criteria
Our lending criteria in full.
| Loan size | £5m to £25m, measured on the gross facility |
|---|---|
| Loan to value | Up to 90%, measured on the gross loan including any retained interest. Above 75% LTV is subject to enhanced credit review and may need additional security |
| Rate | From 1% per month, priced case by case. Default rate 2.00% per calendar month. Interest is calculated on a 360-day year. |
| Arrangement fee | 2% of the loan |
| Interest | Retained interest is our standard structure. Serviced interest is available by agreement, chosen at the outset. Retained: interest for an agreed period is deducted from the loan on drawdown and held by us, so no monthly payment is made during that period. This is our standard structure. The retention is a minimum of six months where the term is six to twelve months, and a minimum of twelve months where the term runs beyond twelve months. Serviced: interest is paid monthly in arrears by direct debit, on the first business day of each month. Available by agreement. Retention reduces the cash advanced on day one, not the cost. Any unused retained interest is refunded on early redemption, subject to the make-whole period. |
| Term | 6 months as standard, extendable up to 24 months |
| Make-whole period | Make-whole of six months as standard, and twelve months where the term exceeds twelve months. On redemption we are paid interest to the end of the make-whole period, whether or not the loan has run that long. |
| Security | A first legal charge over the property, a debenture from the borrower including a first ranking floating charge, and personal or corporate guarantees. Where the asset sits in a structure we also take a charge over the entire issued share capital of the company that holds it. The share charge sits alongside the property charge, it does not replace it. We also take a corporate guarantee from the ultimate asset-owning entity, and a legal opinion on the borrower's capacity and on the enforceability of our security, where the borrower is an overseas entity or a fund. |
| Property types | Residential investment, commercial, mixed use, land with planning |
| Borrowers | Companies, SPVs, trusts, property investors and developers, including overseas borrowers |
| Costs | All costs of the facility are for the borrower, including our legal fees and the borrower's own, the valuation fee, search and title insurance fees, the cost of any monitoring surveyor and any other reasonable cost incurred in connection with the facility, whether or not it completes. Our solicitors and the valuer each give an estimate before they are instructed, and the borrower puts those amounts on account before instruction. The valuation is instructed by us and addressed to us. |
| Regulated lending | Not offered. We do not provide loans regulated by the Financial Conduct Authority |
| What we do not lend on | Ground up development. We lend on completed and part complete assets, not on construction risk. Property in Northern Ireland. |
| Indicative terms | Within 24 hours |
| Completion | From 5 working days on straightforward cases |
Model your facility, then talk.
Use the calculator to size the loan, the fee and the day one advance. Then send us the case and we will respond with indicative terms within 24 hours.
Criteria
Ask about our criteria.
Enquiries
Tell us about the asset and the deadline.
Indicative terms within 24 hours.