Cambridge & Counties Bank: Rates & eligibility

Cambridge & Counties Bank Limited launched in 2012, and it offers a variety of property finance and asset finance solutions for businesses. It is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA.

An overview of Cambridge & Counties Bank Limited business loans

Below is an overview of the types of business finance solutions available from Cambridge & Counties Bank.

Residential property loans

You can apply for the following residential property finance solutions:

Buy-to-let finance: Provides funding for those looking to expand their property portfolio. Interest-only options are available.
Holiday let mortgages: This type of finance is designed for properties that will be let out on a short-term basis.
HMOs: Financing options for houses in multiple occupation. Interest-only options are available.
Expat buy-to-let: This type of finance enables you to continue expanding your property portfolio by purchasing new property or releasing equity, all while you’re based abroad.
Refurbishment loans: These offer short-term solutions for smaller projects by experienced property investors, landlords or developers.
Bridging loans: Short-term funding solutions for experienced investors. Bridging loans can be used to acquire new assets, bridge a sale or as a longer-term finance package.

Commercial property loans

In terms of commercial property loans, you can choose from:

Commercial investment finance: Only available to experienced investors, you can borrow over terms of between 12 months and 25 years.
Commercial owner occupier finance: Designed to help you purchase or refinance a commercial property that your business will operate from.
VAT loans: This is a short-term loan to help your business cover the upfront cost of VAT on the purchase of a commercial property.
Mixed use property loans: This type of loan is designed for landlords looking to diversify from standard buy-to-lets or continue building their portfolio.
Refurbishment loans: These loans offer short-term solutions for smaller projects by experienced property investors, landlords or developers.
Bridging loans: Short-term funding solutions for experienced investors to acquire new assets, bridge a sale or use as a longer-term finance package.
Secured pension lending: This type of tax-efficient finance enables you to purchase trading premises or a commercial investment property via a pension fund.

Asset finance

Cambridge & Counties Bank offers two types of asset finance – hire purchase and finance lease. In both cases you borrow against the asset you wish to acquire.

With hire purchase, you make fixed repayments and at the end of the term you pay an option to purchase fee so that ownership of the asset is transferred to you. With finance lease, you rent the asset and pay regular payments. At the end of the term, you can rent the asset for a nominal amount or sell it to a third party.

You can acquire a range of assets including:

Agricultural and farming equipment
Construction equipment
Commercial vehicles
Machinery and material handling equipment

Asset finance is also available for classic, vintage, racing and sports cars – you can do this through purchase finance, equity release or refinance.

What is Cambridge & Counties Bank Limited’s typical interest rate?

Interest rates depend on the type of finance you’re applying for as well as factors such as the type of business you run, its trading history, financial standing and credit record.

A business with a strong financial track record will likely pay a lower interest rate compared to one that has higher perceived risk, such as irregular cash flow or past credit issues.

How much can I borrow with a Cambridge & Counties Bank Limited business loan?

This depends on the type of finance, but in many cases, you can borrow up to £15 million per customer, with no restrictions on property numbers.

However, refurbishment and bridging loans allow you to borrow a maximum of £2.5 million, and VAT loans let you borrow up to 100% of the VAT bill due to HMRC.

What is the acceptance rate for a Cambridge & Counties Bank Limited business loan?

Cambridge & Counties Bank Limited doesn’t publish its acceptance rates. Instead, it asks applicants to get in touch with its team of experts to go through the details and find a suitable loan.

In general, however, you’re more likely to get accepted if you have a strong financial record, a good credit history and can show that you can comfortably afford to meet the loan repayments.

Eligibility criteria and whether you qualify

Exact eligibility criteria depend on the type of finance you’re applying for, with some types of funding designed for experienced property investors only. However, Cambridge & Counties Bank says it accepts property finance applications from sole traders, partnerships, limited liability partnerships, limited companies and PLCs. It also lends to expats who are either acquiring or refinancing residential buy-to-let property.

Asset finance is available to experienced SMEs, including sole traders, partnerships, UK registered limited companies, UK registered limited liability partnerships, charities and trusts.

Additional information

Make sure you read through the terms and conditions of your agreement with Cambridge & Counties Bank Limited, keeping the following points in mind:

Early repayment fees

If you have a property finance agreement, you can typically overpay by up to 10% of the outstanding loan balance each year without charge. But if you exceed this amount, you will pay an early repayment fee.

How long does it take to get approved?

Your application will usually be approved within a few days, once all the necessary credit and fraud checks have been carried out and any property or assets have been assessed.

Estimated time to receive funds

Cambridge & Counties Bank doesn’t specify how long it will take to receive your funds once your application has been approved. But this is typically within a few days.

Can a loan be repaid early?

Yes, you may be able to repay your loan early, but in some cases an early repayment charge will apply. Be sure to check the small print to find out.

Is security required?

Yes, property finance is typically secured against the property in question, while asset finance is secured against the machinery, equipment or vehicles you wish to acquire. If you fail to repay your loan on time, these assets can be repossessed and sold to recoup the money.

What documentation is required

To understand exactly what documentation you need to provide, it’s best to contact Cambridge & Counties Bank directly. But you can typically expect to be asked for the following:

Business information

This includes details such as the name and address of your business, plus its company registration number. You may also need to provide business bank statements, financial accounts and a business plan.

Business owner information

This includes the personal details for all business owners, including names, addresses and email addressed. You usually need to provide proof of ID and address for all owners too.

Funding requirement

You’ll be asked to state how much you wish to borrow and what you want to use the funds for.

How to apply for a Cambridge & Counties Bank Limited business loan

You won’t be able to apply for a loan directly with Cambridge & Counties Bank Limited. Instead, you can complete the contact form on the website or contact the bank by phone or email.

For property finance, phone 0344 225 3939 or email borrow@ccbank.co.uk and for asset finance, phone 0344 225 3940 or email af@ccbank.co.uk.

A member of the team will get back to you to discuss your options.

Is the application process different to other lenders?

Some high street banks allow you to apply for business loans directly online. However, you won’t be able to do this with Cambridge & Counties Bank and must speak to a specialist before you can proceed with your application.

How to improve your chances of getting funded

In general, you’re more likely to be successful if you can provide financial documents that show you will be able to afford to make your loan repayments on time. Having a good credit history and a solid financial record can also help.

Pros & cons of a Cambridge & Counties Bank Limited business loan

Pros

Range of property finance and asset finance solutions
Your loan will be tailored to your business needs
You can make overpayments up to 10% without incurring a fee

Cons

Secured loans come with risk – if you fail to repay your loan, you could lose the asset
Fees may apply
You can’t apply directly online

Alternative funding options for different lenders

If the above finance options don’t quite work for your company, there are alternative options available from other lenders, such as:

Why use a finance broker?

A finance broker can make it easier to compare and apply for business finance. Because they work with a range of lenders and products, they can highlight options that are more likely to suit your circumstances. This can be useful if your business is new, has limited credit history or has experienced financial setbacks.

A competent broker will explain any fees and oversee the application process. Some charge a flat fee, while others take a percentage of the loan amount, so make sure you understand the cost before going ahead.

Get started with Swoop's business funding platform

Our team at Swoop would be happy to discuss your business funding requirements with you to help you find the right deal to support your application and help your business grow.

Cambridge & Counties Bank Limited business loan review: Interest rates, eligibility, and the application process