Non status and near status lending

Not every deal falls within the guidelines of traditional lending sources but working in conjunction with Commercial First, the UK’s leading non-conforming lender we can offer purchase and re-finance facilities for businesses which would normally be declined.

Key Points - Non status Lending

• No accounting information is required
• We can arrange lending of up to 85% of the value of the property (no account is taken of goodwill and inventory)
• Terms from 10 years to 30 years
• Up to 3 years interest only (advances of 80% or less)
• Those with adverse credit, mortgage arrears etc., will be considered.
• An agreement in principle can be obtained within 2 working hours.
• Interest rates from 2.75% above 3 month LIBOR

Key Points - Near status Lending

• One years accounts required showing a minimum net profit of 130% of the annual loan repayment
• We can arrange lending of up to 85% of the value of the property (no account is taken of goodwill and inventory)
• Terms from 10 years to 30 years
• Up to 3 years interest only (advances of 80% or less)
• An agreement in principle can be obtained within 2 working hours.
• Interest rates from 1.65% above 3 month LIBOR

This scheme is:

Ideally suited for the purchase of non trading businesses, factories or warehouses or those businesses with a high Bricks & Mortar value. Particularly where poor or no accounts are available and where a high level of borrowing is required.

To re-finance existing an business that whilst having good equity is experiencing cash flow difficulties or would benefit from loan consolidation

For those with defaults, CCJ’s and arrears who would not otherwise qualify for credit

Example
Our client wanted to bid at auction for a closed public house for which no past trading information was available.

A valuation on the premises was carried out prior to the auction at the client’s expense which valued the premises at £300,000.

Based upon this valuation we secured a mortgage offer of £255,000 i.e.85% of the valuation, with repayment to be over a 30 year term, enabling our client to bid at auction.

The result was a successful bid, with completion of the loan formalities within the stipulated 28 day period.

For more information and an example quote listing all terms and costs please call us 0845 094 2550 to discuss this further or email your enquiry.