10-Jun-20

Triple Point has been approved for accreditation as a lender by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS)

CBILS is designed to support the continued provision of finance to small and medium-sized enterprises (SMEs) in the UK as a result of the Covid-19 outbreak. The scheme is managed by the British Business Bank (BBB) and delivered through more than 60 accredited lenders.

Triple Point’s initial focus will be providing support to clients with existing debt facilities with us who have been directly impacted by Covid-19. We are therefore currently accepting applications from existing borrowers only, but plan to extend CBILS lending to new borrowers in due course.

What are the key features of Triple Point’s CBILS? 

Direct Lending – business loans ranging from £500,000 to £5m to established trading businesses across the UK. Lending purposes include working capital finance, refinances and acquisitions.

  • Lending to borrowers with more than 4 years of trading history
  • Appetite to lend to businesses that were profitable and cash generative prior to Covid-19
  • Amortising Term Loans, Interest Only Term Loans and Revolving Credit Facilities
  • Interest Rates of 8% - 9.25% p.a.
  • Loan terms of 1 to 5 years for Amortising and Interest Only Term Loans, 1-3 years for Revolving Credit Facilities

Wholesale Lending - lending comprised of individually underwritten credit lines. These facilities usually start with an initial facility of at least £1m, with the expectation of increasing the facility size as our experience and relationship with the borrower grows.

  • Products include traditional Block Discount Finance and Revolving Credit Facilities (RCF) secured on a borrowing base.
  • Advance rates (i.e. the amount of the Loan Book the debt facilities will fund) range from 80% to 90%
  • Interest Rates of 8% - 10% p.a. depending on sector and underlying assets.
  • Typically Loan terms of 1-3 years

Property Lending – Bridging and Residential Development loans from £1m to £5m to support experienced property developers with a proven track record to build and/or refurbish quality affordable homes.

  • Lending to experienced property developers
  • Loans are repaid via direct sales of the properties, a refinance on a “buy to let” basis from another funder, or a combination of both
  • Maximum advance limited to 65% for both development finance and property bridging.
  • Security would include, but not limited to a first legal charge over the property, and a limited Personal Guarantee]
  • Interest Rates of 8.5% - 9.5% p.a.
  • Loan terms of 6 to 24 months

Triple Point is committed to helping business owners find their way through this difficult time. As a relationship-based organisation, we understand the importance of having an open dialogue and being responsive to Borrowers. This ensures that we are a responsible lender providing a more tailored experience as reflected in the broad range of businesses and industries we support.

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