Overall, the second charge secured loans sector is generous to self employed borrowers and those with more complex situations.
Deals on commercial business loans
There are some great high street and specialist commercial deals around at the moment
High street Commercial Mortgage deal – switching lender or need to raise capital
- No lender arrangement fee
- No valuation fee
- No security fees
- High street rates / lender.
- Standard legal charges apply
- Maximum loan £250,000 – but can capital raise up to that amount.
- Only for borrowers who are switching lending from another provider.
Just off high Street but high street rates – great if affordability is tight and want minimum repayments
- Interest Only
- Pragmatic view on affordability
- We are getting deals to fit here which wont fit affordability elsewhere due to the low rates and interest only options
Specialist lenders
- Plenty of them to do the weird and wonderful – just ask
Here’s a new one for businesses and sole traders going through a bumpy patch
- Great for start up’s or to cover short fall with other lenders
- Equity not an issue
- Poor accounts – will look at customer projections
- Poor credit – every deal considered on overall case profile
- Unsecured (£100K max), first charge or second charge to £150K
- No ERC’s
- Currently only available in the Midlands.
The commercial sector is really busy at the moment.
If you are thinking of business or commercial lending speak to an expert at Promise.
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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.
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.