"Brand New Product" An Alternative Overdraft Facility
Introducing the Alternative Overdraft Facility: Our panel lender has introduced a new product which is an alternative to a traditional overdraft facility. The borrower provides property security to the lender who will provide them with a facility of up to 70% of the property value which can be drawn and repaid as and when the client requires it.
The interest rates are from 10% per annum and the facility can be set up within 2 weeks.
Key Information:
Lowest overdraft facility amount: £70k
Lowest security value: £100k
Highest overdraft facility amount: £1m
It is a 12 month facility which is reviewed and renewable on an annual basis.
There is a £35 charge for each drawdown and an annual arrangement fee of 3%.
Who can have one of these alternative overdraft facilities? The product is an unregulated facility, which is available for business borrowers.
For example: You have security worth £500k, an existing charge of £100k, so our lender will provide a facility of £350k of which £100k will be used to repay the existing charge leaving the borrower with £250k available to utilise during the course of the year.
To apply for this facility:
Please contact one of the RFL Team who will qualify the enquiry and if they feel the applicant fits then they will provide you with an application form and request further information.
