Non Status Bridging Loans
What is a non status bridging loan?
Non status bridging loans are a specialist type of finance used for property developers. When they are residential bridging loans, they apply to developers who are looking to purchase a non-commercial property – or to release equity on a property that they already own.
I have bad credit, does this matter?
These loans are offered to borrowers who have a poor credit history. As they represent a higher level of risk to the lender, the interest rate offered will reflect this level of risk. Additionally, all bridging finance is a short-term loan and interest is naturally higher than that of a traditional mortgage, and usually expressed as a monthly figure. The idea is that they are paid off quickly, within 3-12 months, either by cash through sale proceeds, or by finance secured via a long-term mortgage.
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Why choose Hank Zarihs Associates?
Hank Zarihs Associates are specialist and highly-experienced intermediaries in residential development finance and investment funding industry. We work with a tried and tested panel of specialist funders with an excellent track record in the market, who can offer high leverage and gearing.
- An excellent track record
With our knowledge and experience, we are able to present lending cases to our panel in a format which is most likely to increase your chances of being offered attractive mortgage finance. By following a comprehensive due diligence process with each client we make it possible to find the right non status loan in the UK, quickly and efficiently – from the right lender.
- Adding value
What’s more, we are able to add value at every step of the process, with in-depth knowledge and guidance, designed to help our clients match up with the right lender, for the ideal loan. We recognise that bridging loans are usually large and complex, so our service ensures that clients are best placed for acceptance from our lending panel.
- Relationship-building
We’re also proud to work with most of our clients on a repeat business basis – by proving the value of our service at every turn and by building long-term relationships with our developer clients. Whatever your level of experience, size of project or bridging loan need, you can be guaranteed of a superb experience with the team of friendly and helpful experts at Hank Zarihs Associates.
- Helping you Save More
We can save you money too, as we work with property development finance lenders who offer specific deals on bridging finance for intermediaries – cutting-out the middleman and meaning that our clients can access even more attractive deals on their borrowing – with our help, expertise and support at every step of the way.
Apply for a non-status loan
Ready to apply for UK non status loan? We work with a tried and trusted panel of bridging lenders who are actively lending. The deals that we can recommend to our clients are updated daily, so you have complete peace of mind that you are receiving details of the best possible finance products on the market in real-time.
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Or Call Us Now +44 (0) 20 3889 4403
Bridging loan calculator
A non status loan will be offered at a range of different interest rates, depending on the lender and the borrower’s own situation. To find out the latest / typical finance rates on your loan, we have created a handy bridging loan calculator that allows you to get an indication of what your repayments would be.
Benefits of a non status bridging loan
These loans can be ideal for developers who need rapid access to short-term finance, but who have adverse credit ratings. The benefits of non status bridging loans obtained via Hank Zarihs include:
No Exit Fees
Some lenders charge exit fees too – but loans arranged through Hank Zarihs have no exit fees.It’s worth knowing that the arrangement fee, valuation fee and solicitors fee all tend to be standard – whether or not they are offered to borrowers with a good or adverse credit rating. Only the interest portion is affected by credit rating, to reflect lender risk.
Low interest rates
Hank Zarihs Associates can provide access to a range of lenders with varying interest rates, and our online calculator makes it easy to work out the cost of our bridging finance product range.
Low minimum loan sizes
Here at Hank Zarihs Associates we can get you a minimum loan of £250,000 and we can go up to £25,000,000
Bed Credit or No Income
We work with a handpicked amount of lenders that do not require you to verifiy your income and also they don’t do credit checks, meaning if you have adverse credit we are the brokers that can help you get a loan
Different repayment options
Different options to repay interest portion – such as serviced, full or part rolled up.
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Would you like to Discuss what options are available?
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How do I get a non-status bridging loan?
The easiest way to apply for this type of loan is via an intermediary or broker. Most lenders of non status residential bridging finance only deal with intermediaries and will not offer loans directly to customers. This is good news if you want to apply for one of these loans, as it means you will receive a tailored offer to your needs and have the assistance of an intermediary to ensure the application process is as fast and smooth as possible.
Why might I take out non status bridging finance?
There are several main groups of applicant for this specialist type of property development loan. In main, they are developers who want to:
- Purchase a domestic property
- Release equity from their existing portfolio (rather than, say, take out a personal loan.)
- Carry out light redevelopment projects to make their investment properties fit for sale or to rent (such as installing a new bathroom or kitchen, redoing electrics, carrying out redecoration and so forth.)
- Converting single dwellings to simple and small HMOs via light works – To purchase a residential property quickly at an auction.
- To refinance an existing residential property.
Typically, applicants will have an issue on their credit report which means that other types of lending aren’t available to them. This could be because they have fallen behind on mortgage payments, because they have CCJs or because a payment default of some other description exists on their credit file.
How quickly can I obtain non status residential bridging finance?
This depends very much on the lender. Regulated loans which are overseen by the FCA tend to take a little longer to organise and non-regulated bridging finance tends to be quicker. In most cases, these types of loan can be organised within 3-7 days when applicants use Hank Zarihs to ensure the application process is as smooth and hassle-free as possible.
How do I repay a bridging loan if I have poor credit?
These types of short-term credit tend to be repaid when a property is sold, let or when mainstream and longer-term property finance is organised. Borrowers will need to submit their loan repayment plans when they apply.
Non status bridging loan rates and terms
| Product | Max LTV | 65.01 – 70.00% LTV | 70.01 – 80.00% LTV | Term & Repayment | Arrangement Fee |
|---|---|---|---|---|---|
| Residential
Including Light Refurbishment
|
Up to 80%
Based on the OMV
|
0.75% pm | 0.79% pm | Maximum term 12 months No minimum interest or ERCs Interest Fully Rolled Up, Part-Rolled Up or Serviced (subject to affordability) The net advance will be less total potential interest over the term with the gross loan calculated as interest for the entire term and the arrangement fee added. |
1-2%
Full fee added to
the loan. |
| Semi Commercial
Including Light Refurbishment
|
Up to 75%
Based on the OMV |
0.75% pm | 0.89% pm | ||
| Commercial
Including Light Refurbishment
|
Up to 70%
Based on the OMV |
0.75% pm | 0.89% pm | ||
| Residential
Heavy Refurbishment
|
Up to 75%
Based on the OMV |
1.00% pm | 0.89% pm | ||
| Commercial and Semi Commercial
Heavy Refurbishment
|
Up to 70%
Based on the OMV |
1.00% pm | 0.89% pm |
FAQs
FAQ
Hank Zarihs Associates have answered some of the most frequently asked questions about non status mortgages
What is non-status residential bridging finance?
Non status bridging loans are a specialist type of finance used for property developers. When they are residential bridging loans, they apply to developers who are looking to purchase a non-commercial property – or to release equity on a property that they already own.
What is the lending criteria for non status bridging finance?
Different lenders will have different criteria. All will require security which is usually in the form of property, but may also be offered in the form of another asset. Lenders don’t look at previous credit performance; instead, the loan is secured against an already-owned property or the property that the loan will be used to buy. This offers a means for borrowers to raise capital if they need to do so quickly – for example, if they need breathing space to get their financial affairs back in order and to repay any creditors which may be issuing demands. The lender may also want to see a business plan and exit strategy.
How long does it take to get a Non status bridging loan quote?
It can take as little as a week! Most products arranged via Hank Zarihs Associates take 5-7 days. If you need a bridging loan with a shorter timescale, do contact us and we’ll speak to our lenders.
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