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What can this product do?
A 2nd charge bridging loan allows funds to be raised, without needing to re-mortgage. Ranking behind a 1st charge lender, the funds can provide much needed capital using a home as security, whilst keeping the existing mortgage in place.
What can we offer?
A 2nd charge loan is highly flexible as it is a quick way of capital raising, independently of the principal mortgage. We can supply an AIP within an hour to get things started.
YOUR PROPERTY MAY BE REPROSSESSED IF YOU DO NOT REPAY YOUR LOAN
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Overview
- Interest Rate From 0.70% per Month
- Min - Max Loan £250,000 - £5,000,000
- Max loan to Value 65%
- Term 3 to 18 Months
- Arrangement Fee Up to 2%
- Early Redemption Fee None
- Admin Fee No
- Exit Fee None
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Loan details
This calculation is for indicative purposes only. All our loans are subject to credit.
Loan overview details
- Current asset value £305,312.66
- Loan to value 56%
- Interest payment type Serviced
- Term 12 months
- Loan interest rate 0.85% pcm
Loan outgoings
- Gross loan £305,312.66
- Arrangement fee 56%
- Arrangement fee £3,053.13
- Administration fee £0.00
Additional costs
- Interest payable £1,350.00
- Total interest retained £630.00
- Monthly interest payment £750.00
Net loan amount
£300,000.00Case studies
2nd Charge
Loan: £392,997
Chiswick, London W4
Loan required as their incumbent loan was at the end of its term, and the client needed time to sell the property."We were able to complete this loan for our client in 23 days, where with a clear exit route, we were able to refinance the incumbent lender. From build delays, the client needed more time to sell the property which we were able to support them in doing so. " Tom Tailby, Underwriter
Term: 9
LTV 65%
2nd Charge
Loan: £278,000
Poole, Dorset BH13
Refinance on a residential property which was part of a wider portfolio refinance which our client was undertaking to restructure their borrowing."We needed to strategically understand the requirements of our clients structuring plans within their greater portfolio, where we took the time to look at each loan where we could then structure the appropriate finance they needed. " Amy Wareham, Underwriter
Term: 12
LTV 65%
2nd Charge
Loan: £117,000
North Harrow, HA2
Raising funds against a main residence by way of a 2nd charge to inject funds into a recruitment business."This loan was smaller than our standard minimum loan size, however knowing the client, we were able to be flexible to accommodate their exacting borrowing needs. We were also able to raise these funds for our client much quicker than their existing high street lender." ,
Term: 12
LTV 56%
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