OUR
PRODUCTS

The purpose of our loans is to enable renovators access to finance to buy then “fix and flip”. WPF’s short term loans of 3 to 6 months on average between £50,000 and £250,000 will fund:

Fix & Flip

Renovations to improve properties, including making unmortgageable properties habitable and therefore mortgageable;

Mini Mezz

Mezzanine development finance to individuals and small developers including critical completion finance when funds are running short to complete the work. (see loan part 2 for rates)

Westgate Private FinanceFix & Flip

We fund up to 70% of the true purchase price and provide further borrowing in advance payments to enable the borrower to renovate properties currently deemed un-mortgageable by traditional lenders.

Interest is charged only on funds out at any one time with internal refinance offered once the property is near to completion and the loan to value is 65% ensuring the higher rate lending is only borrowed for as short a time as possible. 

Exit can be by refinancing or sale.

Interest is deducted or serviced or we can work with a combination of the two.
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Westgate Private FinanceMini Mezz

One of the funding gaps we’ve identified and are often asked for is for “top up finance” to stretch the senior debt to a level which allows either a purchaser to conclude their purchase where funds are initially short or where a developer / renovator is short of funds and therefore can’t complete the project but the senior lender is unable to advance further funds.

Mezzanine funding has been around for many years however we’ve seen there’s little appetite and therefore little provision for mezzanine funding under £250,000. Our “Mini Mezz” product allows borrowing on a second charge basis for loans from as little as £5,000 to a max of £100,000 (larger by exception and prior agreement) allowing fast cash flow funding to be injected into the project at often critical moments. 

Once the loan to value has reduced as the project has progressed we find our loans are either repaid by a further advance from the initial senior lender or by a refinance to a new lender at such time the project has reached a “habitable / lettable” state.

Our Rates

Fix & Flip

LTV

Monthly Rate

Part 1

0-70%

1.25%

Part 2

70 - 80%

2.99%

Fees

Arrangement Fee

Legal

Exit Fee

Valuation

Application Fee

2% (min £995)

Case Specific

1%

Variable

None

Mini Mezz

LTV

Loan Size (monthly rates)

£5 - £15K

£15 - £20K

£20 - £50K

£50 - £100K

Up to 60%

3%

3%

2%

2%

60 - 70%

4%

3.5%

3%

2.5%

70 - 80%

5%

4%

3.5%

3%

Fees

Arrangement Fee

Legal

Exit Fee

Valuation

Application Fee

2% (min £995)

Case Specific

1%

Variable

None