The British Business Bank has accredited Fiduciam under the recovery loan scheme (RLS).
The alternative lender, which was previously approved to participate in the coronavirus business interruption loan scheme, will deliver business bridge loans, refurbishment loans, permitted development loans and development loans under the RLS.
Fiduciam said that its RLS loans must be within its standard lending criteria and property security is required in line with its standard lending policy.
For non-trading properties, the lender has a maximum loan-to-value (LTV) of 70 per cent for residential property and semi-commercial property and 65 per cent for commercial property.
Meanwhile, for trading properties, Fiduciam has a maximum LTV of 70 per cent for vacant possession value and 60 per cent for operating value.
79 lenders have been accredited to deliver RLS loans, according to the British Business Bank’s website. Last month, the Coventry and Warwickshire Reinvestment Trust and Robert Owen Community Banking Fund were both approved to the scheme.
Chancellor Rishi Sunak’s Autumn Budget announced that the scheme will be extended until 30 June, but the finance available to businesses will fall from up to a maximum of £10m per company to a maximum of £2m, and the government guarantee will be reduced from 80 per cent to 70 per cent of the value of each loan.