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Similarities and differences between the common residential loans at SCP

At Southern Cross Partners we offer specialist property lending for situations that don’t fit bank criteria, despite making perfect sense. Our loans encompass commercial, residential, development and construction projects – in this blog, we take a deeper look into our residential loans.

Differences between SCP’s residential loans

SCP works across a range of residential loans including residential refinances, investment purchases, equity releases and future development settlements.

  • Residential refinance – when a residential loan is replaced with another in order to get different loan terms or borrow more.
  • Investment property purchase – when an individual or business purchases a property with the purpose of earning a rental income or making a profit on it.
  • Equity release ­– when a borrower enters a loan using the equity they have in an existing property, and then pays the balance of the loan back once that property is sold or refinanced.
  • Future development settlement – when a borrower purchases a site for development but doesn’t plan to commence work on the site until a later date.

Every borrower’s situation is different. While SCP’s loans typically fit into broad categories, we can provide lending for a variety of different situations.

Similarities between SCP’s residential loans

Despite us offering lending for a range of different scenarios, most of the loans we lend on start from the same place – a phone call or email conversation between an adviser and one of our Business Development Managers to figure out if a loan is the right fit for us.

If the loan is the correct fit, then the adviser will submit an application with us. The application is essentially the same, regardless of the type of loan your borrower requires.

What you will need in your application to SCP:

  • The borrowing entity’s name
  • The borrower’s security address
  • The funds required
  • The purpose of the funds
  • The anticipated loan term
  • The exit strategy
  • The application and borrower background
  • The settlement date or requested drawdown date
  • Your broker fees.

Whilst there are key similarities and differences between residential finance at SCP, we always try to make things work for your clients – so if you’ve got a residential deal that you think might be for us, don’t hesitate to reach out.

For more information on all of SCP’s loan types download our brochure here.