ICE Commercial CEO Gary Starr believes it offers a real alternative to the current lenders in the market : ”ICE has secured funds to assist our i ntermediaries and their clients. Our funds allow business owners to refinance and raise capital where they may have been turned down by conventional l enders 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 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)
Borrowers with CCJ’s, missed mortgage payments and adverse credit considered with plausible explanation
All property types accepted apart from developments and waste land l ending 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.
