Status Loans
A Status Commercial Loan is where the applicant has no adverse credit history, can prove their income and where necessary has a deposit to put in to the purchase of a property.
On a refinance of an existing property a Status Loan will require a clean credit history and proof of ability to service the new loan, together with a satisfactory property valuation.
A Status Commercial Loan carries the lowest interest rate with payments ranging from UK Bank Base Rate + 1% to UK Bank Base Rate + 5%, depending on the quality of the proposal.
The loan to value on Commercial Loans generally does not exceed 75% of the valuation, but with additional security can go up to 100%.
Lewis Finance does not charge any up front fees. The only fee the client will have to pay is for a Commercial Valuation.
Our agreed fees will be taken on completion of the loan. So unless we are successful, we earn nothing.
A Status application usually takes around six weeks to complete, although the formal offer of loan will be issued after the valuation has taken place, which is usually with two weeks.