Here at Chordis Capital we offer three types of non regulated bridging finance:
- Standard Bridge where the total repair and development budget is less than or equal to 10% of the current open market value (purchase and refinance) and purchase price (if a purchase).
- Light Refurbishment where the refurbishment budget or total build cost is less than or equal to 50% of the current open market value (the lower of purchase and refinance) and purchase price (if a purchase).
- Heavy Refurbishment where the refurbishment budget or total build cost (inclusive of professional fees) is greater than or equal to 100% of the current open market value (the lower of purchase and refinance) or purchase price (if a purchase). Heavy Refurb excludes properties where at least one wall does not remain standing throughout the construction process and into the finished property.
- Rates from 0.85% per month
- Residential properties (see below for details)
- Multi-unit residential properties in rental use or houses in multiple occupation
- Mixed use properties
- Commercial property where the borrower has obtained planning to convert the use of the existing building to a permitted use as set forth above.
- For property purchases or to refinance existing properties
Loan size £50,000 to £5,000,000. Multi drawdown advances permissible.
Loans up to 75% of the current market value, however if higher leverage is required, speak to the team at Finance 4 Business. It may be possible to increase LTVs up to 85% – speak to our partner Finance 4 Business.
Many applicant types considered: Either (i) up to four individual persons or (ii) limited companies or equivalent corporate entities (companies registered and trading in jurisdictions other than England and Wales are permitted with a local legal opinion and subject to Toorak approval). Borrowers and guarantors must be at least 18 years of age.
Term: 6 to 24 months (Rolled or retained loan period maximum 18 months).
Security First Charge over the property. (Personal Guarantee and Debenture if lending to Limited company).
Application Fee: £995
Arrangement Fee: 2%
Repayment Type: Interest payments may be rolled, retained or serviced for the term of the loan.
Loan Exit, Servicing and Affordability
Detailed exit strategy required for all loans.
Proof of funds will be required for:
- Deposit and completion funds for purchases
- 20% of Refurbishment Loan Amount
Acceptable Property types include the following:
- Freehold Properties or Long Leasehold Properties with a minimum of 70 years unexpired term at commencement of the loan.
- Residential Properties comprising up to 9 individual properties.
- Multi-unit Residential Properties in rental use or HMO (up to 10 unit/rooms, in the property)
- Multiple (10+) Residential Properties comprising separate units (houses or flats)
- Mixed use Properties (Residential Space is more than 50% of the property)
- Commercial Property with planning to convert to Residential
|Chordis D Minor||Chordis G Minor|
|County Court Judgements*||Maximum of £5,000, settled, in past 24 months||Maximum of £10,000, settled, in past 24 months|
|Missed mortgage payments*||Up to 2 in the last 24 months; none in last 6||Up to 4 in the past 12 months; none in last 6|
|Bankruptcy & Insolvency*||No historical bankruptcy, administration, insolvencies or IVA/CVAs||More than 3 years since bankruptcy / IVA / CVA|
|*applies to the borrowers, guarantors and any other corporate entities controlled by them|