The team has £28 million of loans in various stages of progression with the rest of the credit applications in the early stage of processing.
The most popular products were “Commercial Investment” and “Residential Investment” which made up £70 million of the applications with their “Development” offering at £20 million. These products cover residential and commercial property acquisitions, auction purchases, conversions and ground up development.
The bulk of the credit applications in terms of loan value came at the end of October following the relaxation of ASFL’s credit appetite.
ASFL’s Residential Investment product has an LTV of 75% with a pcm rate from 0.60% for a term time of 12 – 24 months.
The Heavy and Light refurbishment products are from 0.65% pcm and 0.75% pcm respectively for a term time of 12 – 24 months and both at 70% LTV.
Development Product has an LTV of 65% with pcm rate from 0.85% for a term time of 12 – 24 months.
Since launching last year, ASFL only charges interest on the amount of debt drawn at any time. There are no extra fees that borrowers are typically subject to such as exit fees, default fees, extension fees, early repayment charges, minimum interest period fees and non-utilisation fees.
Shoaib Bux, Joint Managing Director at Arbuthnot Specialist Finance Limited commented:
“It’s fantastic to see the hard work of our team and their dedication to high quality service reflected in our October performance. During the first Government lockdown we continued to service existing clients and complete pipeline business, so naturally as we moved away from lockdown and restrictions eased, we relaxed our credit appetite to reflect the market which led to the uptick in credit applications. As the short-term property arm of Arbuthnot Latham, we look to fully service the market in the next quarter and into 2021 backed by the bank’s strong capital and our entrepreneurial spirit.”
ASFL have everything in place to confidently lend during this lockdown. The team at ASFL can be contacted at ASFLenquiries@arbuthnot.co.uk if you wish to find out more on their products.
Registered in England and Wales No. 11103603. Registered Address: Arbuthnot House, 7 Wilson Street, London, EC2M 2SN. Arbuthnot Specialist Finance Limited is not authorised and regulated by the Financial Conduct Authority.