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;