Investment Finance...
Horizon Commercial has access to Semi Exclusive products as follows;
- Up to 2 years interest only up to 60% LTV if requested ( and lender happy with all of the application ) or full term loan on capital and interest
- Lender arrangement fee of 1.75% - deducted or paid separately
- Interest rate generally 4.5% above Base ( or Libor, if preferred )
- Rent Stress Test; 130% cover on repayment basis up to 20 years, at stress test rate of 7.5% interest rate
- Early repayment penalties apply; 3% in the first 3 years, then 2% in years 4 and 5, and then 1% thereafter
- Up to 10% of the loan can be repaid in any 12 months without E.R.P.s.
- Directors’ guarantees required if borrowing in company name
- 20 year term ( better than High Street by up to 5 years generally )
- Will consider HMO properties
- Will lend on true investment properties let as restaurants ( i.e. with no connection to applicant )
- May consider additional income if rent stress is not 100% achieved
- No leisure sector borrowing
- No land only loans
- No Trusts
- Will lend on properties let out on short term commercial leases ( which is far better than all High Street Lenders currently who generally require a minimum of 10 years remaining on a lease - if not longer )