You Asked, We Answered
FREQUENTLY ASKED QUESTIONS
WHAT DO YOU LEND AGAINST?
We lend against land, buildings and mixed-use properties (e.g. farm shops and holiday accommodation). Please note that where the security includes your residential home, your home may be repossessed if you do not keep up repayments on your mortgage.
HOW LONG DOES IT TAKE?
The time taken to complete a loan depends on the borrower’s requirements. They can complete within a few days of the first enquiry but this requires all parties to work together and for the valuer to have immediate access to the security property. Our solicitors will assist the borrower’s solicitors as required.
DO I NEED AN EXIT PLAN IN PLACE?
The exit or repayment method is perhaps the most important aspect of a loan being approved. There must always be a realistic exit but it does not have to be in place when the loan draws down. For example, if the loan is planned to be repaid by the sale of a property, contracts do not have to be exchanged at that time.
ARE THERE ANY UPFRONT FEES?
In most cases, the only upfront cost to the borrower is the valuation fee. However, we may charge a commitment fee in extremely complicated cases or where the borrower is seeking the assurance of having an offer of finance.
DO YOU HAVE A MAXIMUM AGE?
There is no maximum age. What really matters is how the loan is to be repaid. Very often this is from the sale of the security property or refinancing with a longer term mortgage.
HOW MUCH CAN I BORROW?
Our bridging loans typically range from £50,000 to £5,000,000. We can also consider loans outside of this range - please contact us if you would like to discuss.
WHAT ARE THE BORROWING COSTS?
The cost of borrowing starts from just 6% per annum, but among other things, depends on the type of finance required, the LTV, the type of security you are able to offer and your credit history.
WHAT CAN I USE AN AGRIBRIDGE LOAN FOR?
The AgriBridge loan can be used for almost any purpose. However, typical uses include property refurbishment and development, the purchase of real estate, the settlement of tax bills and other business-related cash flow needs.
WHAT CAN I USE AN AGRIMORTGAGE LOAN FOR?
The AgriMortgage loans can be used for almost any purpose. However, typical uses include alternative energy and extensive property diversification and development projects, the purchase of real estate, the refinance or consolidation of existing and/ or more costly finance.
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