Application Fee - 2% fee of the loan amount will be payable before the loan is completed.
Legal Charges - the Council will only consider securing a 1st or 2nd legal charge.
Loan Security - the loan to value cannot exceed 80% of the property value including any other legal charges/lending secured against the property.
First come, first served - the loan funding cannot be relied upon until legal documents have been completed, the funding will be allocated to eligible applications on a first come, first served basis that meet the eligibility criteria (and all supporting documents having been reviewed and satisfactory). In the case of eligible applications exceeding the available funding, the loans will be prioritised based on the impact of the development project on a town centre.
Loan Term - the maximum loan term is 3 years.
Loan Payment(s) - loans are paid in arrears of works being completed, as per the loan agreements (staged payments for large projects).
Property status - the property will need to be registered as empty/vacant (6+ months) with Business Rates.