Apex Bridging

What is the criteria for Apex Bridging?

The minimum age for applying with Apex is 18 whereas other lenders usually require applicants to be at least 21. The maximum age to apply is 70 and all applicants must be based in the UK and Wales, they do not lend to properties in Scotland and Ireland.

The loan amounts you can borrow range from £50,000 to £2 million but you must have the loan open for a minimum of 4 months and the maximum loan term is 12 months. At this point you will likely exit your bridging loan but selling your property investment at a higher price on the open market or you have the option to re-bridge or “refinance.” Loans are also available for those looking for more than £2 million but these are assessed on a case-by-case basis.

Income and Employment

There is no minimum income requirement to apply with Apex Bridging and applicants can be employed or self-employed. This is quite useful for those self-employed individuals that may find it difficult to show a regular income to a mortgage provider – so working with Apex can give you that opportunity to get finance that may otherwise be inaccessible.

There is no minimum income requirement and in fact, the lender will prefer to look at the opportunity that you are working on and how this plans to generate revenue. After all, this could be your source of income and full time job.

Property Information

The Apex website explains that they will consider freehold, short and long leasehold properties. They will be willing to accept residential properties like the other lenders we feature and also residential that are part of a large commercial project can also be eligible for funding. All loans are secured on the property that is being purchased or investment.

Credit Checking

Apex state that they will carry out a credit check for every applicant, but they also state that they are willing to consider those with a history of CCJs, defaults and arrears provided that they have a strong opportunity and exit strategy.

As a non-regulated lender, they are not obligated to carry out credit checks but they do so in order to match their finance with those customers that can afford them. Being non-status, they will not lend to a customer if they are looking to secure a bridging loan on the primary residence (they live on the premises) – because they do not want to risk the person losing their home through potential repossession.

Further Requirements

The rate card provided by Apex states that they require the following from every person that applies:

• Completed and signed application form
• Details of all charges and exit strategy
• Completed credit search on all applicants
• Electronic Identity check
• Personal guarantee and floating debenture required when lending to Limited Company or LLP

What are the rates charged?

As mentioned above, the maximum LTV is 80% for first charges and 75% for second charges. Naturally, the amount you can borrow for your second charge is less because this takes second priority when it comes to make mortgage repayments. The interest rates (inset) shows what Apex charge for their loans.

As you can see, you pay higher rates for the convenience of borrowing larger amounts and if you need to refinance, you will continue to pay a slightly higher fee as it takes the lender longer to recover their funds:

Apex Bridging Company Information

Address: First Floor, 2 The Cornerstone, Market Place, Kegworth, DE74 2EE

Countries they operate: England and Wales (not Scotland or Ireland)

Member of: ASTL

Company no: 8548882 (Apex Bridging is a trading style of HBB Bridging Loans Ltd)

FCA authorisation number: 719494