What lenders ask for, by case type

Package it once, up front

A well-packaged case moves faster, because the underwriter has everything in one go. Every pack covers the same ground: the case, the borrower, the asset, their experience, the use of funds and how the loan will be repaid. What changes by case type is the detail lenders ask for on top. Watch: Application to completion, part 1: packaging (0:34)

Every case

• Photo ID and proof of address for each borrower and guarantor
• Recent bank statements
• An assets and liabilities statement (A&L)
• A short case summary: the property, the loan, the use of funds and the exit
• Details of the borrower's experience with similar projects
• Any adverse credit, such as CCJs or defaults, disclosed up front with an explanation

Auction purchase

• The auction legal pack and the completion deadline
• The memorandum of sale and proof the deposit has been paid
• The exit plan, since auction properties often need works before they can be sold or refinanced

Refurbishment

• A schedule of works with costs, and who is doing them
• Whether the property is habitable today
• The expected value once the works are done

HMO

• Whether it is income producing or vacant, with a rent schedule if let
• Licensing and any planning position for the use
• Any works planned, and the borrower's HMO experience

Each of these can change the leverage or the price. Watch: How one detail changes the terms (1:12)

Development

• Planning permission and drawings
• A build cost breakdown, often checked by the lender's quantity surveyor (QS)
• A development appraisal showing the GDV and profit
• Contractor details and the build programme
• The developer's track record, or the team behind a first-time developer

Limited company borrowers

• Company details and the ownership structure
• Personal guarantees from the directors, usually
• An A&L for each guarantor, so the lender can see the guarantee is supported

An unsupported personal guarantee can stop a case late in the process. Check the A&L first. Watch: Personal guarantees and the A&L (2:14)

Credit-backed loans

With a credit-backed loan, the lender sets a mandatory list, and you cannot apply until it is uploaded. Expect the A&L, ID, a bank statement and proof of address, the auction pack for auction purchases, a business-use declaration and sometimes a business plan. Watch: Packaging a case: what lenders need to see (0:45)

A general guide. Each lender sets its own document list, and may ask for more depending on the case.