Development Finance through the CBILS Scheme
What is CBILS? It is a government initiative to help UK small businesses affected by coronavirus access finance. You can access up to £5m and the government guarantees 80% of the loan and pays arrangement fees and interest for the first year.
One of our panel lenders has been approved for the government backed Coronavirus Business Interruption Scheme (CBILS) for development finance.
Does your development or refurbishment project fit one of the following criteria's, whether it was owned or not before lockdown?
The project was not purchased before or during lockdown but was in negotiation.
Your existing development project has been paused/ delayed/ slowed down as a result of the virus.
Your existing development has not started as a result of the virus.
The Details for the CBILS Development Loan:
Loan Size: You can borrow between £250k - £5m.
Term: Up to 2 Years (The first year is covered by the government).
LTV: Up to 70%.
Associated Fees: Interest and arrangement fees in the first 12 months are covered by the CBILS scheme.
Interest Rate: Very competitive rates with the first year paid by the Government.
Turnover: You are a UK-based business with annual turnover up to £45m.
Solvency: You have not been classed as a “business in difficulty” on, or before 31st December 2019.
To register your interest before the scheme goes live in July, please click here.
Email: firstname.lastname@example.org Call: 01942 665 305