New lender on the block moves into second charges

New lender on the block moves into second charges




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The independent principal lender Paxton Private Finance, which specialises in providing alternative, non-regulated, short-term finance solutions, has exclusively announced to B&C the launch of its All England 2nd Charge Bridging Finance Product.

The All England 2nd Charge Bridging Finance Product has been structured to provide funding for part-completed property developments, as well as traditional capital raising. The product will assist developers who, after exhausting initial funding lines, require additional finance to complete their development.

Nick McLean, Partner at Paxton Private Finance, said: “Property development has been significantly affected by the withdrawal of the banks from the credit market.

“The launch of the All England 2nd Charge Bridging Product targeted at developers with part-completed projects and our recently launched Refurbishment & Conversion product further demonstrate our commitment to providing much-needed funding to small property developers.”

The All England 2nd Charge Bridging Product can be secured against Residential, Semi-Commercial and pure Commercial properties located in England. The maximum loan-to-value is 70 per cent; maximum loan size is £100,000. Interest payments can be serviced monthly or the loan can be grossed up at no more than 70 per cent loan-to-value.

Product Headlines:

- LTV: 70 per cent of Current Open Market Value

- LOAN SIZE: Maximum Loan Size £100,000

- TERM: Minimum one month; Maximum six months (may be extended)

- LOCATION: England

- SECURITY: Residential, Semi-Commercial, Commercial

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