The British Business Bank has accredited KSEYE Capital as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
The specialist lender — which announced in August last year that its active loan book had exceeded the £100m mark — will be lending under the scheme to support its existing and new SME clients.
KSEYE will offer unregulated bridging loans of up to 75% LTV for residential and 65% LTV for commercial and mixed-use properties across the UK, as well as term loans.
Lending for both bridging products will range between £250,000 and £5m, with terms of up to two years.
To qualify for a CBILS loan, applicants must have a business that:
- has an annual turnover of less than £45m, with at least 50% being generated from trading activity
- is based in the United Kingdom
- has been impacted by Covid-19.
Applicants that satisfy CBILS eligibility criteria can benefit from a business interruption payment to cover the first 12 months’ interest payments and any upfront fees (such as arrangement, legal and valuation).
Nikes Khagram, founder and director at KSEYE, said: “We’re proud to be accredited as a CBILS lender and have the opportunity to support property investors that have been impacted by Covid-19.
“We’ve received a great amount of interest from both new and existing clients for this borrowing option and we look forward to helping them through current market conditions.”
James Hamblin, BDM at KSEYE (pictured above), commented: “Our panel of brokers bring clients that have faced lost revenues or cashflow disruption due to Covid-19 and are interested in borrowing under CBILS.
“The sales team at KSEYE are keen to work together with brokers and clients to find the best funding solution for property investors in need of support.”
Source: Bridging & Commercial, February 3, 2021.