Bridging Finance Borrower Guide
This guide covers information we require in relation to you the borrower (whether you are an individual or corporation), and the underlying security property.
How much are you looking to borrow
For how long do you need the loan
When do you need the loan funds
The source of your equity and is this. cash equity or value equity
Loan purpose - what are you using the loan funds for. For example: refurbishment, develoment, equity release for business purposes etc. Click here for our bridging finance products.
Details of how you intend on repaying our loan. This is typically via a sale or refinance.
A solicitor who can represent you and your interests
General
Identification - a valid passport and driving licence. These will need to be certified as authentic and of true likeness by your solicitor.
Proof of Address - this is typically a bank statement or utility bill dated within the last 3-months. This will need to be certified by your solicitor as authentic. This also serves to prove the loan will be an unregulated mortgage contact.
Contact information for all parties involved in the transaction.
A main point of contact for the borrower.
If the borrower is a company:
Details and identification of all the directors and shareholders with shareholding over 20% as above.
Certificate of incorporation
If the borrower is an individual or individuals:
Details and identification of all borrowers as above.
Relevant experience (as an investor or undertaking refurbishments or developments, for example).
The source of your cash equity / deposit, if applicable.
Proof of your ability to service the loans interest, if the interest is not being deducted for the term of the loan.
Asset and liability statement, if applicable.
Borrower
Full address of the security property
Type and a detailed description of the security property.
An accurate current value estimate of the security property. We provide offers in principle based upon the estimated value you provide us. Should the security property value below the given estimate then we may need to lower our offer in line with the revised valuation.
An accurate end value estimate (gross development value / GDV) after the security property has been developed / refurbished, if applicable. Should the GDV value below the given estimate we may need to lower our offer in line with the revised valuation.
The title and title plan. Freehold or leasehold (plus how many years remaining).
Ready and able to provide access to the security property so it can be valued by the our appointed valuer.
Details of any existing loans secured against the security property. These will need to be redeemed charges released before we can complete.
Copy of the purchase agreement / heads of terms if you’re purchasing the security property.
Buildings insurance for the value of the security property and valid for at least the desired loan term.
Security
If you intend on implementing a planning permission during the term of the loan you will need to provide the following:
A copy of the relevant planning permission
Details around any planning conditions.