Do you have development clients with capital tied up in completed projects?
If so, we have access to a bridging lender that can take over and clear existing bridging loans and also free up funds up to 75% of Market Value (not 180 day or 90 day!) on completed retail property that is currently unsold or still under offer.
Only too often developer clients are restricted in moving on to the next project, as their capital is still tied up in completed flats and houses on their last project. We can now access these tied up funds and clear existing bridging finance all in one go, at very keen rates.
Recent case study from our lender:
Completion of a complex £1.74 million Development Exit bridge.
Situated on the south coast, the client had built 8 high quality residential properties and required Development Exit funding on three of these units to generate capital for future projects as well as paying off the existing development facility.
The facility was structured on a 9-month loan term at 75% LTV and priced at a highly competitive rate of 0.85% pm.
Remaining flexible and efficient to meet client’s requirements and demonstrating clarity and approachability forms a big part of what we do.
If you have developer clients that would value this facility please call us on 01902 585052 for further discussions.
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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