OVERVIEW

Short-term loan facilities secured against residential property in England or Wales for purchase, investment or refurbishment purposes. These products are used where the borrower intends to undertake non-structural works to the property.

These are an unregulated products. The security property cannot be occupied or have ever been occupied by the borrower or a family member if the loan is taken in a personal capacity.

 
 

KEY FACILITY TERMS

 

 

Max loan size
£5,000,000
Min loan size
£150,000
Max loan to value
70% (Gross)
Valuation fee
Market rate

Loan term*
1 to 12 months
Arrangement fee**
2%
Early redemption fee
None
Legal fees
Market rate

* 3 months’ minimum interest applicable on any facility redeemed within 3 months
** This is Pivot’s standard Arrangement Fee, which is flexible and can be discussed with the Origination Team

 
 

INDICATIVE RATES

 

 

RESIDENTIAL

    LTV (existing use)  | Monthly interest
    <55% | From 0.74%
    <65% | From 0.85%
    <70% | From 0.89%
    Above 70% | Rates available upon request

    REFURBISHMENT

      LTV (existing use)  | Monthly interest
      <55% | From 0.85%
      <65% | From 0.89%
      <70% | From 0.95%
      Above 70% | Rates available upon request

       

      Key Criteria

      Accepted


      Not accepted


      Detached; semi-detached; terrace;
      bungalow; flat; maisonette;
      ex-local authority

      Property

       


      1st or 2nd charge

      Charge


      Freehold; leasehold with 75+ years
      on lease; commonhold; possessory
      title

      tenure


      UK residents; UK  companies; overseas
      companies with shareholders resident
      in UK

      applicant


      Assessed on a deal by deal basis

      credit

      Steel framed properties; mobile
      homes; Grade I listed buildings
       


      Equitable charge


      Leasehold less than 75 years; 
      freehold flat and maisonette:
      full flying freehold


      Overseas companies with non-UK
      resident shareholder
       


       

      INFORMATION REQUIRED

       

       
      • Exit strategy;
      • Additional security;
      • Term;
      • Schedule of works (refurbishment)
      • Location of security;
      • Loan required;
      • Borrower type;
      • Estimated value of security;
      • Purpose of loan;
       

      CASE STUDIES

       

       

      RESIDENTIAL

       

      53.07
      %LTV

      CASE STUDY 1:

      FIRST Charge loan to support the purchase of two properties in West london


      LOAN AMOUNT: £640,000

       

      65.00
      %LTV

      CASE STUDY 2:

      FIRST charge loan secured against an investment property



      LOAN AMOUNT: £1,300,000

       

      70.00
      %LTV

      CASE STUDY 3:

      SECOND charge loan secured against a residential flat in london


      LOAN AMOUNT: £497,000

       

      REFURBISHMENT

       

      71.89
      %LTV

      CASE STUDY 1:

      FIRST charge loan secured against multiple buildings in the South East
       

      LOAN AMOUNT: £640,000

       

      67.73
      %LTV

      CASE STUDY 2:

      SECOND charge loan provided to refurbish a dwelling in Middlesex



      LOAN AMOUNT: £1,300,000

       

      70.51
      %LTV

      CASE STUDY 3:

      FIRST charge loan to renovate a £1.2m Grade II listed building in West Sussex


      LOAN AMOUNT: £650,000