Do you offer AVMs?
Yes, we provide AVMs on bridging applications which meet the below criteria:
– regulated and unregulated bridging finance applications
– standard residential properties only
– available for first and second charges
– up to a maximum of 60% LTV
– up to a maximum property value of £750,000
– up to a maximum loan size of £450,000, including cases involving multiple securities
– minimum Hometrack confidence level of 5+
How will an AVM work at MT Finance?
Once we are satisfied that the property meets all our criteria, we will undertake an AVM. The report will be received in less than a minute. If the property has passed, then the full application will be sent to our underwriters and it can go straight to legals.
An AVM is free of charge and valid for up to three months.
How much can my client borrow?
Your client can borrow between £50,000 to £10,000,000. However, we can consider amounts that fall slightly outside this.
What property types are acceptable?
The security must be in England or Wales and be wind and watertight. We will accept houses, flats, flats above commercial property, freehold flats, HMOs (including student accommodation), small hotels and B&Bs, prime leisure, retail units, and offices as security.
What is your borrower eligibility?
We accept bridging loan applications from:
– those aged from 21-85 years
– LTD company/ LLPs/ Non EEA/ expats
– those with adverse credit, CCJs, or arrears
– first-time landlords
What are the loan terms?
Our loan terms on a non-regulated bridging loan range from a minimum of 1 month to a maximum of 24 months. In addition to this, there are no fees or charges for early repayment.
How long will it take to get the funds?
We can send you terms to review within one business hour. After that, a bridging loan application is typically completed within 2-3 weeks, but we can often deliver funds earlier, depending on your client’s circumstances.
What are the fees?
There are no exit fees or early repayment fees should your client wish to exit the bridging loan early. However, we do charge fees for the following:
– Valuation fee: this covers the surveyor’s costs for carrying out your client’s property valuation
– Facility fee: the cost of setting up the loan (2% of the loan)
– Administration fee: the cost of our administration of the loan
– Legal fee: usually charged at a set rate and pays our legal fees for completing the loan
Do you lend on the open market value or the purchase price?
We lend at 90% of the purchase price or 70% of the open market value, whichever is the lower value.
Will you provide 100% of the purchase price?
No, our gross lending is capped at 90% of the purchase price.
Do you accept gifted deposits?
Yes, we do. We will require your client’s solicitor to disclose this to our acting solicitor who will then ask for sight of any necessary documentation and/or indemnities.
Do you lend on auction purchases?
Absolutely! We have provided funds for numerous auction purchases in the past. What’s more, if your client has identified a target property and set themselves a maximum bid price, we can review their loan options at an early stage, prior to the auction, and provide them with an Offer in Principle.
My client is an off-shore corporate entity. Can you lend to them?
Yes, of course. Though additional due diligence will need to be and the client will also need to instruct a firm of solicitors in the relevant jurisdiction.
My client is buying at below market value. Can you lend to them?
Yes. Our solicitors will ask for the relevant context behind the transaction and will request sight of any necessary documentation and/or indemnities.
Do you accept non-UK nationals purchasing an investment property in England?
Absolutely. We have helped many non-UK nationals onto the investment property ladder in the UK. Your client will, however, need to be represented by a UK-based solicitor whom is SRA regulated.