Promise is a nationwide specialist providing large loans.
We use the latest sourcing tools and 25 years experience
to help you decide what’s right for you
Loans for up to £2,500,000
When borrowing slightly larger loans amounts, unsecured loans are not readily available. It is therefore usual to offer some form of collateral or security for the loan. Larger loans tend to be secured loans on property, land, commercial property or, with certain loans, on valuable items such as cars, boats, antiques, art or jewellery.
We regularly arrange loans in excess of £100,000 secured on property and have arranged a £1 million loan secured on an art collection valued at over £5 million.
Secured loans are still available to home owners even if they had some adverse credit. Self employed applicants can borrow even if they don’t have fully prepared accounts and loans can be used for personal and business purposes. Interest only loans are also available and we can lend to retired applicants and use pension income, benefits and non earned income such as rental income to support the loan.
If looking for a repayment loan, it will normally be secured on residential property and applicants will come under the protection of the Financial Conduct Authority. Whilst credit history is a consideration, the key factors are that the loan is affordable and there is sufficient equity in the property to support the proposed borrowing. More information on secured loans is available on this website.
Short term loans or bridging loans are also available for between 1 month and 2 years and secured on property or valuable items. With these loans credit history may be less of an issue and the interest and repayment can be rolled up into the loan. With no monthly payments affordability is no longer a problem although the interest may be slightly higher as you are in effect borrowing the repayments. These loans are particularly popular with borrowers needing some short term cash, can repay the loan in full in the future but don’t want any repayments in the meantime.
If the loan is for business purposes, the value of the business, the business premises or the profitability of the business may be taken in to consideration. However, it is not unusual for business loans to be secured on the borrower’s residential property and this is perhaps the most straight forward way of borrowing. Banks don’t typically make it easy for business people to get loans and often want them to sign personal guarantees. Our lenders take a much more straight forward approach and consider each application on its merits.