Summary of Finsec
Finsec offer homeowner business loans, lending to Ltd Co’s/LLP’s, secured by Personal Guarantee’s supported with a charge over resi/BTL property up to max 70% LTV (inclusive of fees added). Good business with an excellent loan book.
- Loans to £250,000 (higher on referral – up to £500K)
- 12-180m term – Term we offer is preferable than our competitors who often stick at max 60m
- 60m max term if interest only
- Rate is 19.08% – fixed for term
- Can do 1st, 2nd & 3rd charges (dependent on who’s in front)
- 3-month ERC
- Loan is amortised, interest is not front loaded, therefore if loan is settled early, interest for the entire period of the loan does not need to be serviced
Impaired Credit OK
Can work off projected income
Do not need to see Annual Accounts
Min income £12,000 for at least 1 x applicant
In most cases we don’t require any further income proof if the accountant’s reference is fully completed.
Full or Drive-by valuations required on all cases – see criteria attached, however we will steer on pre-approval as to which we require.
Any guarantors will need to sign security documents at solicitor’s face to face – these are issued once valuation assessment and income assessment are completed.
- Proc – 2% payable
- Broker Fee can be added up to a max £7,500
- We pay these direct to the nominated account on the day we fund the loan
All loans are pre-approved so that you have confidence that once you start processing, we can fund the deal and have had line of sight.
We will need authority to conduct a credit search, we will assess security and check title deeds, background business and applicant due diligence carried out also. If the loan is approved, we issue our needs list along with the loan agreement, board resolution and commission disclosure.
Many clients can’t access funds elsewhere. Clients use us when they have confidence in their business, but this isn’t supported by latest year end accounts – a better way to raise cashflow monies rather than looking at a Bridge with a 12m prohibitive timeline. We also have much longer terms on offer than many of the competitors in our space!
- Many brokers are using Finsec to great affect and on average are earning c.£5/6,000 per case.
- Bear us in mind.
- Average timeline to fund c.3 weeks
For more information: Shan Toms, Office: 0208 731 3087