Q: Can I use this loan for any purpose?
A: We only make loans for property asset acquisition or development finance.
Q: Do I have to have found a property before I submit an application?
A: Any finance application needs to be for an existing property OR a proposed development purchase and not a speculative attempt to raise cash.
Q: How long does the process take?
A: Bridging finance takes just a matter of days, development finance takes on average 4 - 8 weeks.
Q: Who is the lender?
A: There are different lenders that we work with. We place your application in front of several private finance lenders and select the best fund to place your individual request with.
Q: Are there fees?
A: We do not charge you and consultation fees until we have secured terms from a lender and in some cases do not charge upfront fees at all.
Q: Is there a maximum or minimum loan?
A: Every loan will be considered on its own merits and there is no minimum or maximum.
Q: What type of property can be financed?
A: Residential property, developments of all types these can be in the UK or overseas, commercial properties.
Q: How much does the valuation cost?
A: The charge will depend on the value of the property. The surveying company will provide details of their charges. We do not charge or collect fees for this part of the process.
Q: Who instructs the valuation?
A: The private finance provider will instruct the valuation at your cost, the lenders each have a panel of valuer's which they use.
Q: Can I borrow for a project abroad?
A: Yes, our funds will lend in different currencies and facilitate lending to property purchase in most countries.
Q: Can I buy as a limited company, individual, SPV, partnership?
A: Yes
Q: Can I use the finance as a non UK resident?
A: Yes
Q: Where overseas can the finance be used for?
A: We have private funds which lend across the globe on all continents.
Q: What are the finance rates?
A: Rates are different with each private finance route and type of application.
Q: What are the loan periods?
A: Loan periods can range from as little as 3 months up to a maximum of 25 years. Again it depends on the financier, type of application and exit strategy identified by the applicant.
Q: Can I submit more than one application?
A: Yes but it's better to link them under one application so that the lending is viewed as a whole.
Q: Can I use the loan for any purpose?
A: No, these are property or development specific loans.
Q: What are redemption penalties?
A: These are detailed under the terms of business issued against each application, but by working with financiers who are investors themselves, loans are structured in line with your exit strategy, so circumstances that would incur redemption penalties are minimised.
Q: Can I really borrow against the GDV and up to 100% of project price?
A: Yes In many development cases we can use primary and secondary finance providers to achieve 100% finance for construction. Some Lenders will expect asset contribution (usually land)
Q: Do we get credit scored for this initial application?
A: Yes there will be a credit search undertaken by the underwriters.
Q: What are the lending criteria? Is it based on the individual or the deal?
A: The lending decision and terms offered takes into account both the experience of the investor/developer and the strength of the business case. Many of the funds we work with have been established by experienced property investors and there is a preference for lending to experienced property and business owners.
Q: What do I need to do to submit an initial application?
A: Hit the 'Apply Now' button on the right of this screen and follow the instructions!
Q: I'm unsure my application will succeed, how can I get a quick answer to my lending requirement?
A: Call us on 0121 712 1656 and ask one of our finance team for advise or E mail a brief outline of your requirements to info@cherishfinance.com