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CBILS Loan Deadline

Property News

As the CBILS loan deadline approaches, we outline the scheme, who it can help and how to apply in time.

What is a CBILS loan?

The government backed Coronavirus Business Interruption Loan Scheme (CBILS) is designed specifically to support SMES hit by the pandemic. Borrowers pay no interest or repayments for the first twelve months.

Who can a CBILS loan help?

CBILS loans are available to property businesses. Products include CBILS development finance, designed to help professional property developers whose main source of income derives from property development. CBILS development exit loans can be used to repay development finance on any schemes that have faced negative impact as a direct result of the pandemic. Commercial owner occupied mortgages are available for the same reason.

What is the CBILS loan deadline?

Applications for CBILS loans need to be submitted by 31st March 2021. The deadline for offers is 31st May 2021 and the deadline for the first drawdown, after a loan is offered, is 31st August 2021.

If you have submitted an application and are awaiting the results, there are a few steps you can take to support your application in meeting the deadline. See ‘How to get finance ready’ below.

How do I apply for a CBILS loan?

The CBILS application process is similar to other finance products:

  • Send your details to a Pilot Fish team member
  • Your Pilot Fish contact will assess your case and its suitability for CBILS
  • If suitable, the team will package and present your case to our panel of CBILS loan providers
  • Your Pilot Fish contact will assist with the CBILS application form
  • Application is submitted to credit for approval

How can I get finance ready?

There are a number of documents you can prepare to help speed up your application.

For Development Finance and Development Exit Finance applications you will need to provide:

  • CBILS Impact Statement
  • Development appraisal (overview of scheme)
  • Development CV (overview of experience)
  • Unit size breakdown¬†
  • Cashflow forecast
  • Assets and Liabilities statement¬†
  • Financial accounts for the last two years

Anything else I should know?

If you have taken out a Bounce Back Loan you cannot apply for the CBILS scheme in addition to this.

You can borrow a maximum of £5m of CBILS loans. Individual lenders have their own maximum loan caps. Your Pilot Fish contact will be able to advise you on this.

Need to chat to us about a CBILS application? Contact us here.

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