What is your lending criteria?
You can find our criteria on our ‘lending criteria’ webpage. If you have a deal that is slightly outside the stated criteria then give us a call as we may still be in a position to help.
Where do you lend?
England and Wales.
Do you lend 100% of the purchase price?
Provided additional security is offered or it is has a low loan to the value (LTV) we may be in a position to offer 100% of the purchase price. In the majority of cased we may ask a contribution of at least 10%-15% of the purchase price to show the client has commitment to the deal.
What do I need to do introduce business to Mayfair Bridging?
We require our introducers and packaging partners to have a CCL and Data Protection License in order to conduct business with us. For regulated contracts, we require our brokers to be authorised and regulated by the FSA and accept introductions on a advised basis for their clients. Note Mayfair Bridging do not give any advice on their regulated contracts and are unable to provide any recommendations.
Do you lend to owner occupied property?
Yes
Do you pay commission to introducers?
Yes we pay 1% of the loan amount.
A client can’t prove income and has adverse credit, is this a problem?
No. Each case is looked at on its individual merits.
Does a client need to have a remortgage offer in place for a bridging deal?
We ask for a decision in principle with mortgage lender.
Do you accept retypes of valuations and can I choose a valuer?
No. We choose valuers from our carefully selected panel which is regularly reviewed to ensure a firm has adequate professional indemnity cover.
The client’s solicitor is a one partner firm. Is this acceptable?
No. The client’s solicitor must be a reputable firm preferably in the legal 500.
The client is bankrupt will you still lend?
No.
The client doesn’t have a passport or driving license is this ok?
No. We have strict money laundering guidelines that our consultants have to follow.
Do you accept foreign nationals?
No. We only lend to British Nationals who have a permanent address in the UK.
Do you accept below market value transactions?
Yes as long as the purchase price is based on the full market value of the property and the difference is treated as a gift of equity by the vendor and the appropriate insurance can be taken out.
Do you offer long term loans?
No. We only offer bridging finance which by its very nature is short term.
|
