Commercial Bridging Loans
| COMMERCIAL BRIDGING LOANS CRITERIA |
Min Term | 1 month |
Max Term | Up to 12 months |
Max LTP1 | Up to 50% |
Max LTV2 | Up to 40% |
Min Loan | £100,000 |
Max Loan | £25m |
Min Property Value | £300,000 |
INTEREST RATE3 | |
Up to 50% LTV | 1.45% pm |
FEES4 | |
Facility Fee | 2% |
Proc Fee | 0.75% |
Administration Fee | £350 |
Legal Fees5 | £950 |
Exit Fee6 | None after 1st month interest |
PRODUCT CRITERIA
First Charges Only - will use Second Charge for additional security where needed.
Commercial Investment Property - no owner occupied lending.
Properties in England only.
No CCJs, Mortgage arrears or defaults in the last 3 years. Any previous adverse will be considered on an individual basis.
PRODUCT FEATURES
Interest charged on a daily basis with a 1 month minimum.
Interest can be retained for the full term.
Interest can also be part retained and part serviced subject to proof of income.
If the property is semi-commercial, the LTV will be calculated at a maximum of 70% against the residential use and 40% against the commercial use.
DRAGONFLY FAST-TRACK REQUIREMENTS TO GO TO OFFER
Completed and signed Dragonfly Property Finance Application Form.
Copy Photo ID for each applicant.
Valuation addressed to BridgeCo Ltd & Fern Trading Ltd. All valuation fees are paid direct to the surveyor or the packaging broker. If valuation not ready we can instruct the offer subject to receipt of an undertaking for our legal fees from the client's solicitor.
If >50%LTV or the loan is to be serviced current - copy bank statements (3 months)
Please refer to the ‘Dragonfly Property Finance General Lending Criteria' and the Agreement in Principle issued for full requirements.
Download Product Sheet
NOTES
- Please see individual product sheets for full range of interest rates levied at the relevant Loan To Values.
- Loan to Purchase Price for Discounted transactions. The lower of LTV/LTP above will be used.
- The refurbishment product is only for loans where up to 70% of the costs of the refurbishment works are to be advanced. Where Dragonfly are not advancing the cost of the works, normal residential bridging loan rates apply.
- Commercial value based on bricks and mortar with the benefit of vacant possession.
- There is a further 2% interest pa deferral which is payable on redemption, ie the rate shown includes the deferral already applied. Please also see rental coverage requirements (note 8) below. The full interest amount payable on this product is 8.99% pa.
- The Buy To Let product is available on either a 2 or 3 year fixed term.
- Early Repayment Charges (ERCs) are 1-12 months/ 13-24 months/ 24/35 months depending on the term selected. In the final month of the term there are no ERCs.
- The rental cover required for the BTL and HMO product varies according to the rate selected. If the interest deferral option is selected, 115% rental cover will be required. If the full interest rate is selected, 100% rental cover will be required.
- There is a further 2% interest pa deferral which is payable on redemption, ie the rate shown includes the deferral already applied. Please also see rental coverage requirements (note 8) above. The full interest amount payable on this product is 9.99% pa.
- Larger loan sizes will be considered on an individual basis.
