We are specialists in fast, short-term loans. If you are a property developer, dealer or investor and need funds fast, our flexible bridging loans can provide capital at competitive rates.
Commercial Acceptances (part of the Close Brothers Group) are specialist providers of property finance and are very active in supporting established and experienced developers and traders of residential and commercial property. Our loans are not for owner-occupiers.
Reasons for loan
- Residential investment purchases
- Property refurbishment
- New Build Development
- Buying at auction
- From 0.75% per calendar month
- £50,000 to £10 million
- 1 to 12 month duration
- This product is not for owner-occupiers
- A monthly rate from 0.75% will be chargeable on the amount borrowed. However rates are subject to change and will increase or decrease in line with movements in 3m LIBOR (The London Inter Bank Offered Rate For Three Month Sterling Deposits).
- Rates will be adjusted on each monthly anniversary of the facility.
- The overall cost for comparison is 10.6% APR.
- No set-up fees, no end fees, no extension fees and no arrangement fees.
Tariff of charges
No-one likes nasty surprises, and we prefer things honest and straightforward from the start. We have no administration fees, no hidden fees, no withdrawal fees: none. We just set out a loan with you and a very clear agreement of rates and terms. The fees you are likely to encounter are detailed below. Where the services are subject to VAT this is included as noted, and we reserve the right to amend these charges in line with any change in the rate of VAT. These charges do not include the interest rates or fees we apply to borrowing. Should you require any additional information, please do not hesitate to contact us.
In order to lend on a property, we require a valuation to be carried out. We use a panel of valuers. The standard fee for a residential valuation is £1 for every £1,000 of the property value plus VAT. This is subject to a minimum fee of £350 plus VAT. For example, a property worth £500,000 would be subject to a valuation fee of £500 plus VAT. However, these rates are negotiable for higher value properties.
Commercial and development lending valuations are charged at local rates. Quotes will be obtained on request. Project Monitoring Surveyor fees will be applicable for refurbishments and developments and are quoted on a project by project basis.
£350 + VAT
You will be responsible for our legal costs which will be charged at 0.35% of the loan amount plus VAT and disbursements. This is subject to a minimum of £950 plus VAT per property for loans to individuals, and £950 plus VAT for loans to companies.
£950 + VAT
Finance set up fee
This is the administration charge we apply for setting up your CA Trade lending facility and is £250. This is debited to your loan facility and only becomes payable on completion. This fee does not apply to CA bridging facilities.
Release of deeds
On repayment of your loan, our solicitor will charge an administration fee for the release of the deeds per property.
£200 + VAT
Information and statement fees
You will be provided with monthly statements free of charge. Thereafter you will be charged £20 for a statement of account when you request it.
It is a condition of our lending that you have satisfactory buildings insurance in place. In the event that you are unable to provide satisfactory cover we will insure the property under our block policy for fire damage only. A monthly premium will be debited to your account. The exact amount of this premium will be confirmed at the time and will be calculated as a percentage of the re-instatement value of the property.
Please note: If your mortgage falls into arrears and we commence litigation action, you will be charged a fee of £250. This will be debited to your account on redemption. A detailed Arrears and Litigation Tariff of Charges will be sent to you by our solicitors before litigation commences.
This fee will not attract interest or charges.
Bank charges & Returned cheque/Direct Debit fees
Returned cheque or Direct Debit fee: we will charge £25 on each occasion an interest payment, when correctly presented, is not met or is returned unpaid.
Bank charges: we will charge £5 for every payment or further advance up to the amount of £250,000 out of the account. For any amount over £250,000 a charge of £25 will be debited.
Often, bridging loans may not be the best funding solution for your investment or development project. This is where CA Trade can help, by offering a slightly longer-term finance option for 12 months, or longer in some cases, for experienced property professionals.More about our longer-term options