Coronavirus Interruption Scheme

Coronavirus Business Interruption Scheme For Property Finance

At Napex we have successfully supported our developers, investors and trading businesses for CBIL property finance.

We have seen many lenders offer CBILS, however some of these lenders have gone through there allocation of funding within a matter of days.

Who is still lending on CBILS?

Lender 1:

Developer exit or part completed Development schemes

  • Maximum loan to value 55% of either completed units or gross development value for the development scheme.
  • Minimum Loan £500,000.
  • The British Business Bank will cover the first 12 months interest, the lending fee with lenders solicitors cost and survey fees being refunded on completion.  
  • Broker Fee 1.5% which Is deducted from the advance.

What can the loan be used for:

  • Refinancing existing debt.
  • Bounce back loans (included in new refinance).
  • Repayment of directors loans.
  • Repayment of mezzanine finance/3rdparty debt.

Lender 2:

Development Finance and Developer Exit

  • Maximum loan to gross development Value 70% (60% preferred).
  • Loan to cost 85% maximum (75% preferred).
  • Maximum term 2 Years.
  • Loans from £250,000 – £5,000,000 for conversions.
  • Loans from £2,000,000 – £5,000,000 for residential development.
  • Interest and lending fees covered by British Business Bank for 12 months.
  • Broker fee 1.5% which is deducted from the advance.

Commercial Mortgages

  • Maximum loan to Value 75% (65% preferred).
  • Minimum debt service cover 1.25x (By EBITDA or net rental income as appropriate).
  • Maximum term 5 years (3 preferred).
  • Interest only available.
  • Preferred debt level £250,000 – £5,000,000.

Looking for in-depth information about Specialist Property Finance?

Download our product guides covering bridging loans, buy-to-let, specialist fincance, development finance and much more...

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Napex Finance Ltd is registered in England and Wales No. 11595149. Registered Office: 78 Loughborough Road, Quorn, Leicestershire, LE12 8DX All rights reserved. Napex Finance Ltd is authorised and regulated by the Finance Conduct Authority (FCA) No. 827051. The FCA does not regulate some mortgage contracts.