No. Your Broker will request sufficient information from you to enable a decision in principle.
Bridging loans secured against property for investment property purchase, to buy and renovate property, auction purchases, and working capital for your business.
Vector normally lends in the range £100,000 to £3,000,000 per deal.
12 months terms that can be extended to 24 months and sometimes to 36 months.
We can move fast if required but normally the process takes 2 to 4 weeks.
We can take the security of residential properties, commercial properties or mixed residential/commercial assets located in England.
There are no fees to apply.
No. Vector does not charge part or early repayment penalties.
Yes. You need to be represented via a solicitor.
Non-status bridging loans do not take the status of the borrower in making a decision. Vector will take an overall view on the case but mainly on the property value. That means a CCJ or previous defaults will not necessarily lead to a rejection of your application.
A first legal charge gives the lender the right to take control of the property if the Borrower defaults. The lender has precedence above all others and can appoint a receiver.
A second legal charge is secured against the remaining equity in the property after the debt of the first legal charge is satisfied. The first charge lender has to permit a second charge to be instituted. Vector does not currently lend against second charges.