|Cambridge & Counties Bank||InterBay Commercial||Lendinvest||Masthaven Bank||Precise Mortgages||Shawbrook Bank||United Trust Bank|
|Property Value (min)||Commercial - Loan to value maximum 60% based on the lower of the purchase price or acceptable vacant possession valuation.|
Residential - Loan to value maximum 70%, based on the lower of purchase price or acceptable valuation.
|£133,333||£100k - lower considered||£125,000|
AVM used if property is less than 60% LTV and £1,000,000 or less
70% LTV then property value must be £285,715 or more.
|Single units - £50,000|
£100,000 London postcodes
HMO - £100,000 £250,000 for London postcodes.
|£75,000||£166,666 for single securities.
£100,000 for multiple securities
|Advance (min)||£150,000 per property||£100,000||£75k Bridging/Auction, |
£250k Dev Exit
£250,000 for Standard development.
(Ground-up developments, self-build projects, barn conversions and larger
|£50,000 - 1st Charge|
£25,001 - 2nd Charge
|Advance (max)||£2,500,000 per property||•Loans above £2,000,000 require transactional credit committee (TCC) approval||70% Commercial/ land - up to £30m||£5,000,000 (more by referral)||£375,000 up to max LTV - Max property value is 750,000. |
On Regulated bridging, max LTV is 75%.
|£15,000,000 per client. Higher is considered by exception.||£15,000,000 to max LTV - above by exception only.|
|Term (Min)||1 Month||Minimum one month interest payable||1 month||1 month||1 Month||No min term, no minimum interest charge||1 month|
|Term (Max)||Up to 18 months||18 months||Bridging - 18 months|
Dev exit - 12 months
Development - 24 months
|Regulated 12 months|
Non regulated 18 months
|Regulated 12 months|
Non regulated 18 months
Refurbishment BTL – 6 months (from the date of the valuation)
|18 months||Regulated: up to 12 months
Unregulated: up to 36 months
|Income (min)||ALIE evidence – Audited accounts; short form accounts; tax return (2 years); Bank statements (6 months) for all loan commitments and current accounts of the borrower; passing rental income for asset offered as security or total customer rental income if available.||No minimum income is required - proof of income is required to make sure the exit is realistic.||No minimum income.||Proof of income required where the exit is dependent on refinance||Client has to be registered in the UK and source of income should normally be within the UK. Employed applicants must of been inside of their current job for a minimum of 6 months with 12 months of continuous employment.||Clients to evidence independent material income which must support their personal and business commitments. Where the exit is refinance onto an investment mortgage we will need to ensure the rental income is sufficient to service the debt. Where the client is servicing the interest, we will need to be provided with details of income to validate affordibility||Must be able to afford monthly repayment or have suitable repayment vehicle.
3. If sale is the exit then no income require. (Unless back up exit will be refinance then income will be needed)
|Refurbishment Restrictions||Medium/light refurbishment|
Secured on a residential investment property where planned refurbishment works do not require planning permission or building regulations, and there’s no change to the overall use or nature of the property – e.g., internal refurbishment/reconfiguration, such as redecoration, replacement of bathrooms, kitchens, replacement doors, windows, flooring, and non-load bearing re-configuration
The refurbishment works shouldn’t exceed more than 30% of the day one value/purchase price, or £200,000; whichever is lower
Secured on residential investment property where planned refurbishment works require planning permission or building regulations e.g. structural works and extensions/loft conversions
Applicants without a two year proven track record of refurbishment properties aren’t acceptable
The refurbishment works should not exceed more than 40% of the day one value/purchase price, or £300,000; whichever is lower.
|Light refurbishment only. Refurbishment work that requires either|
building regulations approval or planning permission is not allowed:
unless the planning permission is required for the change of use of a
building from a dwelling house (Planning Use Class C3) to a small HMO
(Planning Use Class C4) in a designated area where the local planning
authority is operating an Article 4 direction.
|Listed below are some of the works acceptable using Refurbishment Buy to Let:|
Light refurbishment products – works permitted up to and including work carried out under building regulations
Heavy refurbishment product – work requiring planning permission, permitted development (unless using the refurb BTL product) or change of use from commercial to residential
> Change of use of a property to or from a HMO
> Change the use of a garage to a habitable room
> Properties needing work to meet minimum EPC rating
> Properties purchased at auction that require light refurbishment work
> Landlords choosing to refurbish to maximise rental yield.
Note loft conversions and extension works are not included under the permitted development rights refurbishments.
Precise Mortgages Refurbishment BTL Calculator
|Light refurbishment products available. |
Heavy Refurbishment products (HR1, HR2) up to 75% LTV
Regulated and Non-reg available.
|- Initial advance of up to 60% of current market value
- Interest is not deducted from the initial advance
- Interest and works costs are rolled up into the facility up to a maximum facility of 60% of Gross Development Value (GDV)
- Term of up to 18 months
- The maximum facility of £1,500,000
Funded Works Improvement Loan
- Provides the borrower with up to 100% of the improvement works
- Maximum improvement costs of £500,000 or 50% of initial market value, whichever is lower
- Interest charged at 0.95% per month and will be added to the loan
Unfunded Works Improvement Loan
- Provides an initial LTV of 60% plus interest roll-up and the borrower funds the work themselves
- Interest charged at 0.75% per month and will be added to the loan
- Permitted development
- Heavy refurb
|Restrictions||Experienced landlords and property companies. Not first time landlords or property investors i.e. minimum 2 properties for a minimum of 2 years or suitable professional property experience,||Land requiring commercial development in order to be fit/suitable for occupation. Land without any form of planning consent. Property identified as having onerous restrictions or covenants. For full details, please see criteria guide on the lender information page.|
Buy to let/HMO (standard) – 50 years at end of loan term
Commercial – 65 years at end of loan term
|1st charge only|
Bridge to let option available - designed to secure the purchase of a run-down property and allow time for repairs and to make available for rent. To refinance an existing property that needs
modernisation to add value, or to meet the Minimum Energy Efficiency Standard.
To purchase or refinance a HMO that needs improvement to meet licensing rules.
|FCA and non-FCA Regulated lending on 1st Charge basis, including Refurbishment and Development. 2nd Charge on residential property. 1st Charge on Commercial and Semi-Commercial only.||3 loans at any one time with Precise.|
HMO – 8 bedrooms accepted on standard bridging, 6 bedrooms maximum where there is an element of refurbishment.
|Applicants should have at least one of the following; be experienced investor with at least 2 investment properties detailed within their property schedule OR have completed at least 2 or more projects of similar scale in last 5 years OR have the relevant industry experience. |
For light refurbishment deals we now only need clients to be able to demonstrate either relevant property sector experience (this could be on an employed basis) or 1 similar completed project within the last 5 years.
|Consider Ex pats and Foreign Nationals,|
|CCJ's & Defaults||No current bankruptcy or IVA||Unsatisfied CCJ’s with acceptable reasons for occurrence will be settled from advance in|
the event that the borrower proceeds with the facility (i.e. post loan advance, the customer would have a clean credit profile). Genuine creditor disputes or specific short term cash
flow difficulties. Maximum 2 unsatisfied CCJ’s to the value of £15k incurred in the last 12 months
|Considered on a case by case basis||Prime - no mortgage arrears in the last 24 months; no CCJ’s/ defaults in the last 36 months unless under £300; CCJ’s / defaults over 36 months if satisfied by date of application.|
Standard - All adverse credit considered (exit cannot be refinance if credit does not allow it given the position prior to drawdown of the bridge)
All types of credit history considered
|Considered on a case by case scenario (up to date credit search is required for consideration)||Would need to be discussed with a member of 3MC|
|Completion Fees||2% Arrangement fee|
0.50% Application fee, subtracted from Arrangement fee on drawdown
1% Exit fee
|Arrangement fees of 2% – can be added to loan but cannot exceed LTV threshold|
Exit fee 0%
|Arrangement Fee is 2%||Arrangement Fee is 2% of the Gross Advance or £2,000 whichever is the greater||2% Arrangement Fee. £295 Administration Fee, £25 Telegraphic Transfer Fee all payable on completion.||1.95% arrangement fee.||Daily interest after first month
Rolled-up interest option
Completion fee 2% on drawdown
Admin fee £295 on drawdown
|Minimum Age||18 years old||18 years old||21 years||21 years old||25 years old||21 years old|
|Maximum Age||No maximum age||No maximum age||75 at end of term||85 years old (older on a case by case basis)||75 years old - They have flexibility up to 85 years old - case dependent.||80 years old||No upper age limit
Mature borrowers: No upper
|Ltd Companies/Trading Companies||Sole traders, Partnerships, LLP, Limited companies, Charities & PLC's. Commercial loans - no Trusts or Pensions.||All loans are eligible for individuals, UK Ltd Companies.||Individual/SPV / LLP Limited Company.||UK Ltd companies only, personal guarantee and debenture required||Company has to be a Special Purpose Vehicle (SPV) - do not lend to trading Ltd companies.||All loans are eligible for individuals, LLP's, UK Ltd Companies . Customers that have been party to previous transactions will be eligible for our existing client discount.||UK companies and trusts
Offshore companies and trusts
|Countries||UK registered||England and Wales||Will lend in England, Scotland and Wales||England, Scotland and Wales||England and Wales, limited areas of Scotland.||England, Wales and Scotland||England and Wales
• Scotland - selected postcodes: -
G - All
EH - All
PA - 1-19
PH - 1-18
DD - All
FK - All
KY - All
ML - All
KA - 1-18
|Condition||Residential - All residential property types must be suitable to be let on AST terms only. Commercial - Commercial investments only to be let on commercial terms only. Excludes trading assets.||Open market value - Bricks and mortar, non trading, vacant possession.||All conditions considered.||No minimum property condition as it all depends on the profile of the case i.e. what is the bridge being used for, loan size, LTV, additional security and exit strategy.||All conditions considered subject to the property being wind and watertight.||Shawbrook always lends on the Bricks and Mortor value. We will consider both light and heavy refurbishment which is defined by the cost of the works and whether these works require planning permission so we understand the condition of the property will vary. If they are not planning any refurbishment we want the condition of the property to be good.|
|Property Type and Commercial properties||Freehold & long leasehold (residential - min. 70 years on expiry of loan, commerical - min. 40 years on expiry of loan)|
Residential – HMO’s considered.
|Residential , Commercial, Semi-Commercial & Industrial OR A mixture of all.||Individual/SPV / LLP Limited Company|
Standard BTL investment properties such as a house or Flat
HMO's up to a maximum of 15 bed - MUFBs.
Land with and without planning
Residential developments, max single unit GDV £1m.
Portfolio limit for landlords of up to 20 properties allowed with LendInvest, unlimited outside of LI.
|Most security considered including Residential and Commercial||All residential property considered including HMO's up to 8 bedrooms and flats on one title. Lending to trading companies acceptable on bridging finance||All residential property considered, including HMO and student lets. For full commercial properties a suitable long lease will need to be in place and works must be limited to the residential parts only. Mixed use properties will be dependent on valuers comments on the viability of the residential parts if a lease on the commercial element is needed. Refurbishment properties considered. Please check with 3MC with regard to your specific requirements.||- Owner occupied residential.
- Residential investment property
- Semi commercial
- Non-working farms
- Property portfolios
- Commercial property
- Ex local authority
- Land with planning
- Grade II listed
- Remote/rural residential