How Much Can I Borrow?
We are able to bridge against land at up to 65% loan to value (LTV), and can even lend up to 100% LTV with additional security. We can fund loans between £25,000, with no maximum loan size.
How Much Will It Cost?
This depends on a number of factors such as where the land is, what it is used for and whether or not it has the relevant planning permission for the intended use.
If the land has the relevant planning permission to build on and the location is deemed to be good you could expect to pay a rate of around 0.95% per month. If the land has no planning and the location is less desirable 1.25%-1.5% per month is realistic.
In addition to the monthly interest cost, lenders charge a lender arrangement fee – a fee for setting up the loan. This fee is usually between 1.5% and 2% of the loan amount, although this is sometimes discounted as low as 1%, especially on larger loans.
How Quickly Can I Complete?
If the loan is for land acquisition and none of the legal work has begun, 14 days is realistic. If you are looking to release equity from land and a valuation is needed you could expect funds in 7 days of full lender application. The less work needed the quicker you can expect to complete.