Cheval hikes top loan size to £1.5m
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Cheval has raised its maximum loan size from £500,000 to £1.5m.
Loans of more than £500,000 will be available on a first charge basis secured on residential properties.
Alan Margolis, chief executive of Cheval, says the firm believes confidence is returning to the resi-dential market, with an increase in demand for owner-occupied family homes in particular.
He says: “The rise in our maximum loan size reflects confidence in the ability of creditworthy customers to obtain mainstream refinancing or sell desirable properties.
“We are not kidding ourselves that the economy or property mar-ket as a whole is out of the woods, but we believe there’s scope to boost lending against higher value residential properties to borrowers with sufficient verifiable income and financial resources.”
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