Traditional Bridging Finance
The Traditional Bridging Loan is designed for property purchases - inparticular at auction.
At outset Paxton Private Finance can lend, net of all fees and interest charges over an initial maximum term of 6 months, up to 75% (85% Gross) of the current open market value and not the contract price. If the intention is to refurbish the property and the borrower is able to demonstrate that they have funds to compete the building works then we can consider a gross LTV in excess of 85%. The term may be extended or renewed subject to refurbishment progress. After the first month, interest is charged on a daily basis. Typically, no exit fee is charged. The maximum loan for this product is £2,000,000. Loans outside the normal parameters will also be considered case-by-case.
|Loan-to-Value:||Up to 85% gross of current open market value|
|Loan Size:||Minimum loan size £50,000; Maximum loan size £2,000,000|
|Interest Rate:||From 1.00% per month|
|Charges:||1% arrangement fee, typically no exit fee|
|Loan Term:||Minimum loan term of 1 month, maximum term 6 months (may be extended)|
|Borrower:||Individuals and UK companies only|
|Security:||1st legal charge, plus Directors guarantees|
|Location:||London and the Home Counties|
No Upfront Fees, Non-Status, No Accounts Required, Freehold/Leasehold, Semi‐Commercial Considered, Auction Purchase, Competitive Valuation & Lenders Legal Costs, Interest & Charges Deducted From Loan Proceeds.
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