ICE Commercial – one of the countries leading Commercial Mortgage Packagers and Debt Management Consultants has announced that it has launched its own Funding Line which assists SME’s with Short to Medium Term Business Loans, and offers a real alternative to the current Lenders in the market.

 

ICE Commercial CEO Gary Starr commented ”ICE has secured funds to assist our Intermediaries and their clients. Our funds allow business owners to refinance and raise capital where they may have been turned down by conventional Lenders due to a number of reasons; i.e. missed mortgage payments, adverse credit, LTV, no proof of income etc.

 

The fund also allows those Borrowers to secure the purchase of the many potential bargains out there in the market”.

 

Such a product is very much required at this moment in time with many Lenders withdrawing from the market or restricting their criteria. Gary Starr added “Over the last few months, through packaging deals for our Intermediaries’, we have seen that Lenders have flocked to the opposite polar of the spectrum and are turning away many good cases, leaving Borrowers to fend for themselves. Whilst the market will remain tough well into 2010, we at ICE are very excited to get the product to market whilst trading conditions ease and liquidity returns to the market”.

 

Product highlights include

 

·         Minimum Term - 3months

 

·         Maximum Term - 5 years

 

·         Minimum Loan Amount - £100,000

 

·         Maximum Loan - £1,000,000

 

·         LTV - Up to 75%

 

·         Lender Arrangement Fee - 2%

 

·         Repayment - Interest Only & Interest Roll Up (capped at 75%)

 

·         Redemptions - No redemption penalties for full or partial reductions in the loan (unless refinancing in the first 3 months)

 

·         Servicing - Geared by Exit Strategy rather than Accounts or Income Streams (Refinance or Sale of Property)

 

·         Borrowers with CCJ’s, Missed Mortgage Payments and Adverse Credit Considered with plausible explanation

 

·         All Property Types accepted apart from Developments and Waste Land Lending available in England, Wales, Scotland & NI

 

·         More Flexible than a Bridge Loan allowing a longer term, lower interest repayments, higher LTV, bigger geographical territory and no up-front exit strategy required

 

For more information please contact ICE Commercial on [email protected] or 0121 523 1037 or visit www.icecommercialmortgages.co.uk