These are unprecedented times and as the world comes to terms with the full impact of the coronavirus pandemic, life is changing and businesses are having to adapt to the current crisis.
We recognise however, that business must go on and Signature Property Finance will continue to support, as far as possible the property purchase and development ambition of our clients, but we had to change our offering to reflect the uncertainty in the wider economy.
Experience dictates that project exits will take longer than expected, whether by sale or refinance, especially where significant refurbishment of the property is proposed, which is why our minimum term has increased to 12 months.
However, if you can redeem earlier, you will only pay interest for the actual period of the loan. You will not have to face an extension fee and servicing the interest (possibly at a higher rate) until the 12 months have passed.
We believe this is beneficial for our customers, although the initial amount advanced will be lower as a result. Talking of loan amounts, as you might expect given the state of the market, our rates, LTV and loan amounts are also fluid – best to get in touch and discuss the deal you have in mind.
Existing client or not, if you have a deal you would like to discuss, we’re open for business despite working remotely, so please get in touch with one of our relationship managers, or call us here at head office.
We hope you stay healthy and our team looks forward to helping you unlock the potential in property when we return to some semblance of normality – in a few weeks hopefully.
CEO, Signature Property Finance