What you need to know about buying a New Build Home
Easy commercial loans for your clients
Easy commercial loans for your clients
We received a lot of enquiries for this new service so here is a reminder.
We want to check you know how our new digital bank can help your clients – especially if commercial mortgages are not a core product for you.
- This “fin-tech” lender challenges the high street lenders on rate but is also more flexible.
- In some cases it beats high street rates.
- In other cases it can out price many 2nd Tier lenders by a significant margin. Talk to me before selecting a second tier lender.
- There are no ERC’s
- Interest only is also available
- High street rates but borrowers don’t need to move their bank account.
Consider it a hybrid lender spanning both Tier 1 and Tier 2 lenders – worthy of consideration every time so please call me with any enquiries.
They are particularly keen on owner occupied commercial property and offer great rates for risk:
- Rates from 2.5% to 2.9% for owner occupied commercial mortgages up to £900k for low and medium risk with LTV’s under 60%
- Rates from 2.85% to 3.05% for owner occupied commercial mortgages up to £900k for medium risk with 60 – 65% LTV
- Rates from 3.65% to 3.75% for commercial property investment up to £900k for medium risk with 60 – 65% LTV
This lender has a very restricted panel of packagers but we can do everything to support you.
Of course, commercial finance is not everyone’s cup of tea so we can take over entirely if you prefer by exploring the high street and specialist market, dealing with your client direct and sending you a cheque on successful completion.
Please call us to discuss any commercial or bridging cases you wish to place on 01902 585052.
01902 585052
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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
Representative example
£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
Representative example
£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.
Unsecured Loans
Representative example
£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.
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.