Lending Criteria
Loan to value/acceptable securities (for Commercial products)
65% OMV (Open Market Value)
- Pub (applicants must be actively involved in running)
- Restaurants
- Farm
70% OMV
75% OMV
- Residential Investment (no DSS)
- Holiday flats/Cottages
- Residential Care/Nursing Home
- Commercial Investment Properties
- Professional Offices
- Shops with living accommodation/offices above (no lock-ups - except to first class covenant and/or shop in primary position)
- Post Office
- Light Industrial Unit (B1 usage)
- Offices (non-professional)
- Guest House (10 letting rooms or less)
- Surgeries - Dentist/Doctor/Vet
Acceptable borrowing entities
Offshore Limited Companies
- minimum loan £250,001
- Society's solicitors must be utilised
- Directors must be UK citizens
- may incur additional legal fees
Small Self Administered Pension Scheme (SSAS)
- minimum loan £250,001
- can lend up to 75% OMV
- borrowing must be within Pension fund rule
Unacceptable securities
- Start up business (minimum three years' accounts required)
- School
- Building Development
- Outdoor Centre
- Social Club
- Nightclub
- Land only
- Warehouse (old mill type building)
- DSS lets
- Petrol station (contamination)
- Cinema
- Car Showroom
- Church
- Ex Local Authority, high rise, concrete block flats
- Living attendance is more than 40% or more of property, where the loan is regulated
