FAQ's

Novellus’ credit process is clean, simple and transparent.  We are privately funded, allowing us to make our own decisions which accelerates the application and approval process.  We can issue indicative terms within 24 hours of the enquiry.  Typically we complete deals in 2-4 weeks from initial engagement.  However we have been known to complete quicker.

At Novellus we consider every application on a case-by-case basis. Prior property experience and borrower capital in the deal is preferable. We work closely with the borrower, the broker and the solicitors involved to assist making the process as streamlined as possible.

Novellus specialise in lending from £500,000 with no upper limit.  As we use our own capital, each enquiry is assessed on a case by case basis.

Novellus provides bridging finance to assist with the purchase of residential investment property, commercial property, land (with or without planning), or for the refinance of existing loans on investment property assets.  We can also finance light or heavy refurbishments to investment properties and ground up development projects. 

Yes, a borrower can obtain a bridging loan from Novellus to buy investment property at auction. It is a common method for financing auction property purchases in the first instance, as loans are approved quickly, meaning a buyer will have quick access to funding. The purchase of auction property often needs to complete within a month from the date of the auction and traditional mortgages will often take much longer than this to arrange, which may limit a buyer’s options. A bridging loan fills the gap, giving time to secure long term finance. This is one of the most efficient uses of a bridging loan.

Novellus offer varied term lengths; an example of a bridging loan term is between 6-12 months but as every application is considered on a case-by-case basis, the term offered by Novellus for a bridging loan can vary.

Novellus does offer longer term products for qualifying borrowers who want finance for a term of 3-5 years. Rates start at 7% pa for this product. Like our short-term finance products, the loan must be secured against commercial / investment real estate.

Novellus does not offer regulated loans, but in some cases a mortgaged home can be used as security for a bridging loan. Each application is reviewed individually to make sure it doesn’t fall under regulated mortgage or consumer buy-to-let rules.

One of the biggest factors when deciding on a bridging loan over traditional funding options is how fast bridging loans are from application to approval to completion. Novellus can work with a borrower to satisfy all requirements as quicky as possible. We have completed loans within a matter of days. However, four weeks is a reasonable estimate to complete, to allow time for completion of valuation and legal documentation. Every case is unique and treated as such.

Typically, Novellus have a minimum interest period of three months within our terms. Thereafter, there are no charges for early repayment save for a minimum notice period of 28 days to repay (or interest equivalent).

It is possible to obtain a bridging loan with a less than perfect credit history. All borrowing entities,  and their company directors / shareholders, are subject to a credit check and therefore up front communication in relation to historic credit issues helps greatly in the underwriting. CCJs and historic financial issues will not mean an immediate rejection. We will try to understand why these financial issues have arisen and we believe that the past does not have to dictate the future. However, the more information we receive from the borrower up front will enable us to clearly communicate how we consider the risk and ensure that any issues can be swiftly dealt with. 

Borrowers are responsible for the application, valuation, legal and commitment fee(s) (if applicable), before the loan is drawn.  Any other fees plus interest are charged on redemption of the loan. All fees are clearly communicated within the loan documentation.

Of course! All applications are confidential and details will never be shared (aside from Novellus’ appointed advisors for the bridging loan) without express permission. Please view our Privacy Statement.