COMMERCIAL LENDING CRITERIA

Loan amount:

 

  • Minimum: £30k
  • Maximum: £1.4m
Loan to value: Negotiable to a maximum of 70%
Term:  Typically between 3 and 25 years
Interest rate: Negotiable dependant upon the risk of the proposition

Fees: 

 

 

 

  • Arrangement fee
  • Valuation fee (by negotiation with a valuer on the Society's panel)
  • Solicitor's costs. The Society will require independant representation on complicated arrangements and on cases exceeding £400k.

Security: 

 

 

  • First legal charge
  • Assignment of rental income (if applicable)
  • A personal guarantee may also be required

Sectors: 

 

 

 

 

  • Retail
  • Office
  • Warehouse & distribution
  • Leisure
  • Industrial
  • Residential investment

Who we lend to: 

 

 

 

 

 

 

 

 

  • Investors
  • Owner occupiers
  • Pension funds

The Society will accept the following borrowing vehicles:

  • Individuals
  • Partnerships
  • Established limited companies
  • SPV limited companies
  • Limited liability partnerships
  • Self Invested Pensions Plans (SIPPs)
  • Small Self Administered Pension Schemes (SSAS)

 Documentation required:

 

 

 

 

 

 

We will talk through your business requirements in detail and would normally expect this discussion to be supported by the following:

  • ID and address verification
  • 3 years accounts
  • 3 months personal and business bank statements
  • The most recent mortgage statement for any current mortgages
  • Details of any rental income being received

For a personal discussion of your requirements contact:

Ross Stafford

Commercial Lending Manager

0161 429 4309

mortgage@thevernon.co.uk

 

 

I received excellent service with my mortgage application. I was surprised at how quickly it was processed.
Mrs S, Stockport