Lending criteria
We can very quickly undertake an initial assessment of a loan’s viability and our team are happy to discuss and explore all possible solutions.
The points below should act as a broad guide to our criteria, but further information is available from our team.
- As Seneca Bridging is an unregulated lender, we do not provide finance on properties in which the borrower (or their family) has lived or will live in at some point in the future.
- We provide Development Finance against property schemes in England, Wales and Scotland.
- After terms have been agreed in principle, and we’ve received a full application form, we will undertake credit checks on the borrower(s).
- The experience of the borrower and their team is key for us.
- A viable exit plan is essential; - -if the exit involves refinancing the security to a long-term lender, we’ll assess the loan in line with standard industry criteria.
- When underwriting Development Finance loans, we expect to see good contracts with experienced and financially stable partners.
- We consider most asset classes for the purposes of secured lending, though there are a small number of exemptions, such as land without any level of planning permission, Nursing Homes and Operating Hotels.
Bridging rates
- We aim to give you an initial response within a couple of hours of receiving your enquiry.
- LTVs up to 75% gross against Open Market Value
- We can offer loans from 0.69% per month – the lower the risk, the lower our rate will be.
- Arrangement Fees from 1% - unlike many of our competitors we do not charge ad hoc administration fees.
- We do not charge any fees for initial engagement or early redemption.
- No exit fees on bridging finance, minimum 3 months loan term
- We always ensure the valuers, solicitors and lawyers who represent our interests offer the right mix of price, speed and expertise.
- We aim to pay introducer fees on the day of completion.
Development rates
- LTVs from 75% net day 1 up to 75% gross against Gross Development Value.
- We can offer Development loans at interest rates from 0.85% per month.
- We do not charge any fees for initial engagement or early redemption.
- We typically charge arrangement and exit fees from 1% of the total Development Loan – unlike many of our competitors we do not charge ad hoc administration fees.
- We only pass on the QS monthly monitoring fees, we don’t apply any internal monitoring fees
- We always ensure the valuers, solicitors and lawyers who represent our interests offer the right mix of price, speed and expertise.
- We aim to pay introducer fees on the day of completion.
Lending process
- Enquiry received and outline reponse issued (within 2 hours).
- Application form and supporting information requested.
- Application form and information received and underwriting begins.
- Deal reviewed by credit and credit backed terms issued If approved (48 hour turnaround)
- Legal, valuation and Q.S. (if required) fees paid and 3rd parties instructed.
- Reports received and reviewed all legal due diligence completed.
- Deal completes.
If you require a flexible and personable lender who will work to bring your clients’ plans to life:
Call Us: 01942 295 982
Email Us: enquiries@senecabridging.co.uk
