Cheval believes it will be the industry’s most flexible bridging loan criteria.
The flexibility will mean that whilst loan-to-value remains a key part of assessing applications, it will be viewed in a broader context. Going forward, underwriters will focus on all aspects of the loan, especially the take out arrangements.
Criteria will be viewed as a guideline only and will not necessarily be an obstacle to an application going through.
Cheval head of credit Benson Hersch said: “Borrowers increasingly find themselves in situations where their requirements are just outside published criteria. Cheval believes in a holistic approach to assessing bridging loans and we encourage brokers to contact us to discuss their clients’ requirements. If there is a way to do a loan, then we will find it.”
