Nomo is still awaiting a full launch of their SPV proposition; however, in the interim, they are launching a pilot for their broker channel only!
SPV Criteria
We will only accept UK registered SPV’S ONLY with any of the following SIC codes
SIC codes
-
- 68100: Buying and selling of own real estate,
- 68201: Letting and operating of own or leased real estate,
- 68209: Other letting and operating of own or leased real estate,
- 68320: Management of real estate on a fee or contract basis
- We will not accept Trading businesses, offshore SPV’s, Charities, clubs, investors
- SPV’s must have a UK bank account matching the SPV name and be supplied as part of the application
- Purchase/ Refinance considered
- A max of 2 shareholders in the SPV and all shareholders to be part of the application, a structure chart /org (if applicable) to be provided if there is more than 1 layer within the SPV
- All shareholders must be clearly identifiable and assessable and will need to have a nomo personal account.
- Nomo will take charge of all properties within the SPV
- Portfolio landlord – Nomo will accept a max of 5 properties and consider clients that have a max of 8 properties mortgaged and held by the client in the UK, we will require further documents if your client is considered a portfolio landlord
- All shareholders will need to provide a PG and to be jointly and severally liable as guarantors.
- Credit reports supplied.
- Applicants must reside in one of our acceptable countries
- We will take charge over SPV/shares
Affordability
Standard Nomo BTL affordability will be applied, please see link to our intermediary website for criteria, and calculators Nomo Bank for Intermediaries
Process
- Broker to complete all affordability checks and complete attached proforma (proposal form) and send all relevant documents along with form to bdm@nomo.bank (we will require our full standard packaging checklist outlined below)
- BDM will review the case and email the broker if we can consider the case and client is able to start the account opening. Once accounts have been approved, BDM will confirm and broker can submit application on the portal
- We will not review any cases that have been submitted to the portal prior to BDM approval
Packaging requirements – please note that underwriters may request further documentation at their discretion
Document Checklist
- 3 months personal bank statement
- Mortgage Statement (if applicable)
- Tenancy Agreement (if applicable)
Credit Report – please note that client needs to provide credit report for current client they reside in and also any country they have resided in, evidencing 6 years worth of history
- School fees invoice (1 year, if applicable)
- 3 months recent credit card statement (if applicable)
- Last 3 years AST (if applicable)
Employed
- 3 months payslip/letter from employer (Salary Certificate)
- 3 months Manpower Certificate (Kuwait, if applicable)
- Letter from employer confirming overtime/bonus last 3 years or corresponding payslip
Self Employed
- 6 months business bank statement
- Latest 3 years audited account/Accountant Certificate confirming salary & dividend
SPV
- 1 Year SPV bank statement/ proof of account opening for new incorporated companies
- Latest 3 years SPV financial account
if you have any cases that you would like to submit, please see the process below. I have attached SPV Criteria for reference & Proposal Form (to complete & email back for each application).
Full criteria and products are available on our website Nomo Bank for Intermediaries