Fewer lenders, a lower loan or extra conditions. The loan that fits: Commercial bridge, as this is a commercial or mixed-use property. The things to check above are what a lender will look at too.
- Likely loan
- Up to 65% of the priceOn the purchase price
- On the expected hammer
- About £60,000The guide plus 15%
- Example rate
- 0.9% to 1.25% a monthArrangement fee about 2%
What lenders will note
- Check Outside London and the Home Counties (Erewash): fewer lenders, and values need strong local evidence
- Check A loan of about £60,000: below many lenders' £75,000 minimum
Information a lender will need first
- The lease length (years left)
- The lease, the rent and the tenant's accounts
What a lender will ask you for on a commercial bridge
- Photo ID and proof of address
- Proof of your deposit and where it came from
- The legal pack, read by your solicitor before you bid
- Your exit plan: sale or refinance, with evidence (comparables, or a mortgage in principle)
- The lease, with the ground rent and service charge
- The leases, the rent roll and the tenants' accounts
- The use class and any planning history
- A valuation, which the lender instructs
We have access to lending of up to 75% of the purchase price, with up to 100% of the build cost. Tell us about the lot and we can put you in touch. Ratings and figures are a guide from the published facts, not an offer of finance or advice. Stations from NaPTAN.