Do you ever get enquiries from clients to assist with development opportunities? We handle small “back garden projects” and large multi £million deals where introducers stand to earn £30K upwards on one deal.
High street lenders are offering rates from around 0.5% per month and, if we can arrange the development and exit finance with the same high street lender, your clients can save fees and valuations – this is getting very popular.
If development finance is not something you want to spend time on, we really suggest you encourage the enquiries anyway. Don’t get bogged down with detail – we’ll take the strain. Our panel of high street and specialist lenders are keen to look at the big deals and the quirky cases too.
We recommend you look out for this type of business from your clients and introducers; we have a comprehensive panel of lenders ready and we will support you as much as possible or deal with your client for you if you prefer.
Please contact us as soon as you receive a potential enquiry so we can get your enquiry in with the best lender first. Call us on 01902 585052.
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.
Secured / Second Charge Loans
£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.
£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.
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