Buxton Capital — Small-Ticket Property Lending Workflow

€500K Direct Lending Programme (Ireland / UK Focus)

Prepared by: OWL (Hermes Agent)
Date: May 2026
Status: Discussion Draft
Note: This workflow covers three property loan types: bridging, buy-to-let, and light development finance. Based on Irish and UK market standards for non-bank residential and commercial property lending.

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Table of Contents

1. Executive Summary
2. Market Context & Opportunity
3. Loan Product Definitions
4. Target Borrower & Property Profiles
5. End-to-End Loan Origination Workflow
6. Information Requirements by Stage
7. Valuation & LTV Framework
8. Credit Decision Framework
9. Legal Documentation Suite
10. Post-Disbursement Monitoring
11. Regulatory Considerations
12. Dummy Examples — Three Loan Types
13. Sources & References

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1. Executive Summary

This document outlines a proposed workflow for Buxton Capital to originate, underwrite, and manage small-ticket property loans of approximately €500,000 to borrowers in Ireland and the UK. The programme covers three loan types:

1. Bridging loans — short-term (3-18 months), for auction purchases, chain breaks, refurbishment, or time-sensitive acquisitions
2. Buy-to-let (BTL) mortgages — medium-term (5-10 years), for experienced landlords acquiring or refinancing rental properties
3. Light development finance — medium-term (6-24 months), for small residential conversions, light refurbishment-to-sell, or small Ground-up build projects

The workflow is designed to be fast (7-21 days to completion for bridging; 14-28 days for BTL/development), risk-disciplined (with clear LTV limits, independent valuations, and structured security), and scalable (suitable for a portfolio of 50-200 positions).

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2. Market Context & Opportunity

Ireland

Factor	Detail
Housing crisis	Chronic undersupply; ~30,000-35,000 units needed annually (Dept. of Housing estimates)
Non-bank lending growth	Significant increase in non-bank residential lending since 2020 (Central Bank of Ireland data)
Bridging market	Estimated €1B+ in outstanding non-bank bridging loans; strong demand from property investors
BTL market	Growing private rental sector; ~18% of households rent privately (CSO Census 2022)
Property prices	Dublin residential prices ~€450K-€550K average; regional cities €250K-€350K
Regulatory	Central Bank of Ireland macroprudential rules apply; non-bank lenders operate with more flexibility

United Kingdom

Factor	Detail
Non-bank lending	UK alternative property lending market estimated at £40B+ (SPANA / BFLA data)
Bridging	~£5B+ annual bridging completions (Bridges Street data)
BTL	~£260B outstanding BTL mortgage stock; growing share from specialist lenders
Property prices	UK average ~£290K; London ~£520K; strong South East / commuter belt
Regulatory	FCA regulates BTL (consumer and regulated); commercial bridging largely unregulated (but COBS/MCOB apply in parts)
Tax	SDLT surcharge 3% on additional properties; corporation tax changes for BTL landlords

Why €500K is the Sweet Spot

• Covers a typical 1-3 unit residential purchase or light refurbishment in most Irish/UK markets (outside prime central London)
• Small enough for rapid credit decisions; large enough to be economically viable

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3. Loan Product Definitions

Product 1: Bridging Loan

Parameter	Detail
Purpose	Time-sensitive property purchase (auction), chain break, refurbishment bridge, planning uplift
Amount	€100K - €1M (target ~€500K)
Tenor	3 - 18 months
Repayment	Interest retained or rolled up; bullet principal repayment at exit
Exit strategy	Sale of property, refinance to long-term mortgage, or equity release
LTV (max)	70% of OMV (open market value)
Pricing	0.75% - 1.5% per month (9% - 18% annualised)
Arrangement fee	1% - 2%
Exit fee	0% - 1% (negotiable)
Security	First legal charge over target property (+ personal guarantee if corporate borrower)

Product 2: Buy-to-Let Mortgage

Parameter	Detail
Purpose	Acquire or refinance a property for long-term rental
Amount	€100K - €750K (target ~€500K)
Tenor	5 - 10 years (with 25-year amortisation reference)
Repayment	Interest-only or capital + interest (borrower choice)
Affordability test	Interest cover ratio (ICR) — rental income must cover interest by required multiple
LTV (max)	75% of OMV
Pricing	4.5% - 8.0% fixed or variable (depending on LTV, borrower quality)
Arrangement fee	1% - 2.5%
Early repayment charge	3% - 5% declining over first 2-3 years
Security	First legal charge over the rental property

Product 3: Light Development Finance

Parameter	Detail
Purpose	Light refurbishment, residential conversion (e.g., office-to-residential), small ground-up build (1-5 units)
Amount	€200K - €1M (target ~€500K)
Tenor	6 - 24 months
Repayment	Interest rolled up; bullet repayment on project completion / sale
Exit strategy	Sale of completed units or refinance to BTL/mortgage
LTV (max)	65% of GDV (gross development value) or 75% of total project cost
Pricing	8% - 14% annualised
Arrangement fee	1.5% - 2.5%
Monitoring	Quantity surveyor (QS) stage inspections required
Security	First legal charge over development site, personal guarantee, assignment of building contract

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4. Target Borrower & Property Profiles

Target Borrower Characteristics

Attribute	Bridging	BTL	Development
Borrower type	Individual, couple, or SPV Ltd company	Individual, couple, or SPV Ltd company	Experienced developer or SPV
Experience	Property investment or professional background	Landlord (ideally 3+ years, 3+ properties)	Track record of 2+ completed projects
Credit history	Clean or minor adverse (case-by-case)	Clean CCJs < €5K, no bankruptcy	Clean; may accept minor adverse
Income	Not primary underwriting driver	Minimum £25K/€30K personal income (if individual)	Not primary; project viability is key
Net worth	Sufficient equity for deposit + costs	Sufficient equity; portfolio preferred	Demonstrable equity / liquidity
KYC	Standard ID, source of funds, PEP/sanctions	Standard ID, source of funds, PEP/sanctions	Enhanced due diligence for SPVs

Target Property Characteristics

Attribute	Bridging	BTL	Development
Property type	Residential, commercial, mixed-use	Residential (houses, flats, HMOs)	Residential (conversion, refurb, build)
Location	Ireland / UK (urban and suburban)	Ireland / UK (strong rental demand areas)	Ireland / UK (planning-friendly areas)
Condition	Habitable or with clear refurb plan	Habitable and lettable (or minor works)	Viable planning / permitted development
Value range	€150K - €1.5M	€150K - €800K	€200K - €1.5M (GDV)
Excluded	Uninhabitable shells (unless development), agricultural land, sites without planning	Uninhabitable, unlettable, non-standard construction	Ground-up large-scale, complex commercial, greenfield without planning

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5. End-to-End Loan Origination Workflow

Process Overview

┌──────────────────────────────────────────────────────────────────────────┐
│                 PROPERTY LENDING ORIGINATION WORKFLOW                     │
├──────────────────────────────────────────────────────────────────────────┤
│                                                                          │
│  ┌──────────┐   ┌──────────┐   ┌──────────┐   ┌──────────────┐        │
│  │  STAGE 1  │──▶│  STAGE 2  │──▶│  STAGE 3  │──▶│   STAGE 4    │        │
│  │  ENQUIRY  │   │  INITIAL  │   │   FULL    │   │   CREDIT     │        │
│  │  & INTAKE │   │  UNDERWRIT│   │DUE DILIGENCE│  │  COMMITTEE  │        │
│  │ (Day 1-2) │   │ (Day 2-5) │   │ (Day 5-14) │   │ (Day 14-16)│        │
│  └──────────┘   └──────────┘   └──────────┘   └──────────────┘        │
│                                                      │                   │
│                                                      ▼                   │
│  ┌──────────┐   ┌──────────┐   ┌──────────────┐                        │
│  │  STAGE 7  │◀──│  STAGE 6  │◀──│   STAGE 5     │                        │
│  │ ONGOING   │   │COMPLETION │   │   LEGAL &     │                        │
│  │ MONITORING│   │& DISBURSE │   │   SECURITY    │                        │
│  │(Ongoing)  │   │(Day 18-21)│   │  (Day 16-18) │                        │
│  └──────────┘   └──────────┘   └──────────────┘                        │
│                                                                          │
│  Bridging target: 7-14 days | BTL target: 14-21 days | Dev: 14-28 days  │
└──────────────────────────────────────────────────────────────────────────┘

Stage 1: Enquiry & Intake (Day 1-2)

Step	Action	Responsible	Output
1.1	Enquiry received (broker, direct, website, referral)	Business Development	Enquiry logged in CRM
1.2	Initial call: understand loan type, amount, property, borrower profile, timeline, exit strategy	Originator / Broker Manager	Call notes
1.3	Issue NDA and application form	Ops	Signed NDA
1.4	Collect initial pack: property address, borrower ID, brief property description, indicative figures	Borrower / Broker	Application form
1.5	CRM entry and deal assignment	Ops	Deal logged

Gate Check: Does the enquiry fit product criteria (type, amount, LTV, location, borrower)? If no → decline or refer.

Stage 2: Initial Underwriting (Day 2-5)

Step	Action	Responsible	Output
2.1	Desktop valuation (Land Registry / Registry of Deeds price comparison, Rightmove / Daft / Zoopla comparables)	Credit Analyst	Desktop valuation
2.2	LTV calculation (loan amount / desktop value)	Credit Analyst	LTV check
2.3	Borrower credit check (Experian / Equifax / Irish Credit Bureau)	Credit / Ops	Credit report
2.4	KYC / ID verification (electronic verification + document collection)	Compliance	KYC pack
2.5	Sanctions and PEP screening	Compliance	Screening result
2.6	For BTL: rental income assessment (local market rents, letting agent opinion)	Credit Analyst	Rental assessment
2.7	For development: initial planning check (local authority portal), development appraisal	Credit Analyst / Originator	Planning check + dev appraisal
2.8	Originator + Credit Analyst review: confirm appetite, structure, pricing	Originator + Analyst	Go/No-Go
2.9	Issue Indicative Terms / Agreement in Principle (AIP)	Originator	Signed AIP

Key Screening Metrics (Pass/Fail):

Metric	Bridging	BTL	Development
LTV	≤ 70%	≤ 75%	≤ 65% GDV
Borrower credit	No active bankruptcy; CCJs < €10K	Clean or minor adverse	Clean or minor adverse
Property type	Acceptable	Habitable, lettable	Viable planning
Exit strategy	Clear and credible	N/A (rental income)	Clear (sale or refinance)
KYC / sanctions	Clean	Clean	Clean

Stage 3: Full Due Diligence (Day 5-14)

Step	Action	Responsible	Output
3.1	Instruct independent valuation (RICS / SCSI registered valuer)	Ops / Credit	Valuation report
3.2	Borrower provides full document pack (see Section 6)	Borrower / Broker	Document pack
3.3	Legal due diligence: title check, charges, boundaries, planning, environmental	External Counsel	Title report
3.4	For BTL: rental comparables and letting agent report	Credit Analyst	Rental report
3.5	For development: full development appraisal (costs, timeline, GDV, QS report)	Credit Analyst + QS	Development appraisal
3.6	For development: planning permission verification	External Counsel / Credit	Planning confirmation
3.7	For corporate borrowers: company search, director checks, group structure	Compliance / Counsel	Corporate report
3.8	Insurance review: buildings insurance in place (or to be put in place)	Ops	Insurance check
3.9	Source of funds / source of wealth verification (if required by AML)	Compliance	SOF/SOW memo
3.10	Property inspection (physical or video)	Originator / Valuer	Inspection notes

Stage 4: Credit Committee (Day 14-16)

Step	Action	Responsible	Output
4.1	Prepare Credit Paper (investment memo)	Credit Analyst	Credit memo
4.2	Peer review by senior credit person	Senior Credit Officer	Review comments
4.3	Present to Credit Committee	Originator + Analyst	Committee decision
4.4	Decision: Approve / Approve with Conditions / Decline / Defer	Committee	Resolution
4.5	Issue Firm Offer Letter or decline	Originator	Offer letter / decline

Stage 5: Legal & Security (Day 16-18)

Step	Action	Responsible	Output
5.1	Instruct external counsel (borrower's and Buxton's solicitors)	Ops	Counsel instructed
5.2	Draft and negotiate facility / loan agreement	Buxton's counsel	Draft facility agreement
5.3	Draft and negotiate security documents (first legal charge, debenture, personal guarantee)	Buxton's counsel	Security docs
5.4	Satisfy all conditions precedent (CPs)	Borrower + Buxton	CP checklist complete
5.5	Signing / execution	All parties	Executed agreements
5.6	Registration of charge (Land Registry / Land Registry NI / Registry of Deeds Ireland)	Buxton's counsel	Registered charge

Stage 6: Completion & Disbursement (Day 18-21)

Step	Action	Responsible	Output
6.1	Final CP sign-off	Credit / Ops	CP sign-off
6.2	Disbursement of funds (via solicitors for property purchases)	Ops / Treasury	Funds transferred
6.3	Loan booking in portfolio management system	Ops	Loan in system
6.4	Set up monitoring calendar	Ops	Monitoring calendar
6.5	Handover to Portfolio Management	Credit → Portfolio	Handover memo

Stage 7: Ongoing Monitoring (Life of Loan)

Activity	Bridging	BTL	Development	Responsible
Payment monitoring	Monthly	Monthly	Monthly (if interest servicing)	Portfolio Manager
Arrears management	Immediate escalation	Standard process	Immediate escalation	Portfolio Manager
Property inspection	At completion; if concern	Annually	Per QS schedule	Portfolio Manager / QS
Development monitoring	N/A	N/A	QS stage inspections (monthly)	QS → Portfolio Manager
Insurance renewal	Annually	Annually	Per project	Portfolio Manager
Exit tracking	From month 1	N/A	From month 1	Portfolio Manager
Covenant / ICR testing	N/A	Annually	N/A	Portfolio Manager
Annual review	At maturity	Annually	At completion	Portfolio Manager

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6. Information Requirements by Stage

Stage 1 — Application (All Loan Types)

#	Document	Bridging	BTL	Dev
1	Completed application form	✓	✓	✓
2	Proof of identity (passport / driving licence)	✓	✓	✓
3	Proof of address (utility bill, bank statement < 3 months)	✓	✓	✓
4	Property address and brief description	✓	✓	✓
5	Indicative purchase price / current value	✓	✓	✓
6	Loan amount requested and tenor	✓	✓	✓
7	Exit strategy summary	✓	—	✓
8	Borrower experience summary	✓	✓	✓

Stage 2 — Underwriting (Additional)

#	Document	Bridging	BTL	Dev
9	Last 3 months bank statements (all accounts)	✓	✓	✓
10	Credit report (Experian / Equifax / ICB)	✓	✓	✓
11	Asset & liability statement (net worth)	✓	✓	✓
12	Proof of deposit / equity	✓	✓	✓
13	For BTL: rental comparables or letting agent opinion	—	✓	—
14	For BTL: existing portfolio schedule (if applicable)	—	✓	—
15	For dev: planning permission or pre-app advice	—	—	✓
16	For dev: development appraisal (costs, GDV, timeline)	—	—	✓
17	For dev: builder / contractor details and quotes	—	—	✓
18	For corporate borrowers: company registration, directors, shareholders	✓	✓	✓

Stage 3 — Full DD (Additional)

#	Document	Bridging	BTL	Dev
19	Independent valuation report (RICS / SCSI)	✓	✓	✓
20	Title documents / Land Registry / Registry of Deeds	✓	✓	✓
21	Buildings insurance certificate (or quote)	✓	✓	✓
22	For BTL: tenancy agreement (if existing tenant)	—	✓	—
23	For BTL: EPC certificate	—	✓	—
24	For BTL: gas safety, electrical, legionella certificates	—	✓	—
25	For dev: QS report and cost plan	—	—	✓
26	For dev: planning conditions and S.106 / S.75 obligations	—	—	✓
27	For dev: building control approval	—	—	✓
28	For dev: contractor all-risks insurance	—	—	✓
29	Solicitor details (borrower's conveyancing solicitor)	✓	✓	✓
30	Source of funds / source of wealth evidence	✓	✓	✓

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7. Valuation & LTV Framework

Valuation Standards

Jurisdiction	Valuer Registration	Standard
Ireland	SCSI (Society of Chartered Surveyors Ireland) or RICS	SCSI / RICS Red Book
UK (England & Wales)	RICS	RICS Red Book (IVS)
Northern Ireland	RICS	RICS Red Book
Scotland	RICS	RICS Red Book

LTV Limits by Product and Property Type

Property Type	Bridging (max LTV)	BTL (max LTV)	Development (max LTV)
Residential (standard construction)	70%	75%	65% GDV
Residential (non-standard construction)	60%	65%	55% GDV
Commercial (office/retail)	65%	70%	60% GDV
Mixed-use	65%	70%	60% GDV
Land (with planning)	50%	N/A	55% GDV
HMO (5+ occupants)	65%	70%	60% GDV

Valuation Types

Type	When Used	Cost (Indicative)	Turnaround
Desktop valuation	Initial screening	€150 - €300	1-2 days
Drive-by / external inspection	Low LTV (< 50%), low risk	€300 - €500	2-3 days
Full internal inspection	Standard for all completions	€400 - €800	3-5 days
Development appraisal	Development finance	€800 - €2,000	5-10 days

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8. Credit Decision Framework

Scoring Model (1-5 Scale)

Dimension	Weight	Score 1 (Weak)	Score 3 (Average)	Score 5 (Strong)
Property quality & location	25%	Poor location, non-standard	Average area, standard build	Prime location, high demand
LTV / headroom	25%	> 70%	60-70%	< 55%
Borrower strength	20%	No experience, adverse credit	Some experience, clean credit	Experienced, strong track record
Exit / repayment	20%	Unclear exit	Plausible exit	Multiple clear exits
Income / rental cover	10%	No income / weak rent	Adequate cover	Strong cover (> 1.5x ICR)

Minimum score for approval: 3.0 / 5.0

BTL Affordability (ICR) Requirements

LTV Band	Minimum ICR (Interest Cover Ratio)
≤ 60%	125%
60-70%	130%
70-75%	145%

ICR = Annual rental income / Annual interest payment (stressed at 5.5% or actual rate + 2%, whichever is higher)

Pricing Summary

Component	Bridging	BTL	Development
Interest rate	0.75-1.5%/month	4.5-8.0% p.a.	8-14% p.a.
Arrangement fee	1-2%	1-2.5%	1.5-2.5%
Exit fee	0-1%	ERC 3-5% (years 1-3)	0-1%
Valuation fee	Borrower pays	Borrower pays	Borrower pays
Legal fees	Borrower pays own; Buxton's may be added to loan	Borrower pays own	Borrower pays own
Monitoring fee	N/A	N/A	QS fees (borrower pays)

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9. Legal Documentation Suite

Core Documents (All Products)

#	Document	Prepared by
1	Facility / Loan Agreement	Buxton's solicitors
2	First Legal Charge (over the property)	Buxton's solicitors
3	Personal Guarantee (if borrower is SPV / Ltd company)	Buxton's solicitors
4	Solicitor's Undertaking (borrower's solicitors)	Borrower's solicitors
5	Valuation Report (addressed to Buxton)	Independent valuer
6	Title Insurance (optional, for speed)	Title insurer
7	Board Resolution (if corporate borrower)	Borrower
8	KYC / AML documentation	Buxton compliance
9	Insurance Certificate (naming Buxton as mortgagee / loss payee)	Borrower
10	Fee Letter	Buxton

Additional for BTL

#	Document
11	Tenancy Agreement (AST in UK / Residential Tenancies Act compliant in Ireland)
12	EPC Certificate
13	Gas Safety Certificate
14	Electrical Installation Condition Report (EICR)
15	Legionella Risk Assessment
16	Rent Account Charge (optional — assignment of rental income)

Additional for Development

#	Document
17	Debenture (fixed and floating charge over SPV assets)
18	Assignment of Building Contract
19	Assignment of Professional Team Appointments (architect, QS)
20	Collateral Warranty (from architect / contractor)
21	QS Monitoring Agreement
22	Planning Permission Copy
23	Building Control Approval
24	Contractor All-Risks Insurance

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10. Post-Disbursement Monitoring

Risk Rating System

Rating	Description	Action
1 — Performing	Payments on time, no concerns	Standard monitoring
2 — Watch	Minor arrears (1-30 days) or concern	Enhanced monitoring, weekly contact
3 — Substandard	Arrears 30-90 days or material issue	Active management, recovery plan
4 — Doubtful	Arrears > 90 days or high loss risk	Workout, enforcement consideration
5 — Loss	Enforcement or sale in progress	Recovery, provision

Arrears Management Process

Days Late	Action
1-7	Automated reminder; portfolio manager call
8-14	Formal arrears letter; demand payment plan
15-30	Escalate to credit; consider default notice
31-60	Issue formal default notice; instruct recovery
61-90	Enforcement proceedings (possession / LPA receiver)
90+	Realise security; recover shortfall

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11. Regulatory Considerations

Ireland

Regulation	Applicability
Central Bank of Ireland — Consumer Protection Code	If borrower is a consumer (not SPV / investment)
Central Bank — Macroprudential Rules	LTI/LTV limits for residential mortgages (may apply to BTL)
Anti-Money Laundering (Criminal Justice Act 2010, as amended)	KYC/AML requirements for all loans
Data Protection Act 2018 / GDPR	Borrower data handling
Residential Tenancies Act 2004-2024	BTL tenancy compliance
Part V Planning & Development Act	Development obligations

United Kingdom

Regulation	Applicability
FCA — MCOB (Mort Conduct of Business)	Regulated mortgage contracts (owner-occupier); BTL may be regulated or unregulated
FCA — CONC (Consumer Credit)	If loan is to an individual and not a regulated mortgage
AML Regulations 2017 (as amended)	KYC/AML for all loans
Data Protection Act 2018 / UK GDPR	Borrower data handling
Housing Act 1988 / 2004	Tenancy law (AST)
Building Safety Act 2022	Development compliance
SDLT / LBTT / LTT	Stamp duty on property purchases

Key Regulatory Distinction

Loan Type	Ireland	UK
Bridging (commercial / SPV)	Generally unregulated	Generally unregulated (if to Ltd company)
Bridging (individual / personal)	May be consumer credit	May fall under CONC
BTL (individual)	May be regulated under macroprudential rules	FCA regulated (if ≥ 40% residential) or unregulated
BTL (SPV / Ltd)	Generally unregulated	Generally unregulated
Development	Generally unregulated	Generally unregulated

Note: Buxton Capital should obtain specific legal advice on regulatory classification for each loan type and borrower structure.

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12. Dummy Examples — Three Loan Types

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Example A: Bridging Loan

A.1 Loan Summary

Field	Detail
Borrower	Siobhan O'Reilly (individual)
Property	3-bed semi-detached house, Rathmines, Dublin 6, D06 Y2F3
Loan type	Bridging (residential purchase)
Loan amount	€420,000
Tenor	6 months
Purpose	Purchase at auction; refinance to BTL mortgage as exit
Purchase price	€400,000
OMV (valuation)	€550,000
LTV	76% (based on purchase price: 105%; based on OMV: 76%)
Pricing	1.0% per month (12% annualised)
Arrangement fee	1.5% (€6,300)
Exit fee	0.5% (€2,100)
Interest	Retained from loan (€25,200 for 6 months)
Net advance	€388,500 (€420K - €25.2K interest - €6.3K fee)
Exit strategy	Refinance to BTL mortgage with permanent lender
Security	First legal charge over property; personal guarantee (borrower is individual)

A.2 Borrower Profile

Attribute	Detail
Age	42
Occupation	Marketing Director (permanent employed, €95K salary)
Property experience	Owns 2 existing BTL properties (Galway and Cork, both mortgaged)
Credit history	Clean; no CCJs, no bankruptcy
Net worth	~€600K (equity in 2 BTLs + savings)
Deposit source	Savings (verified via 6 months bank statements)

A.3 Property Details

Attribute	Detail
Type	3-bed semi-detached, 1950s, good condition
Location	Rathmines, Dublin 6 — strong rental demand
BER	C2
Rental potential	€2,200 - €2,500 per month
Valuer	Lisney (RICS / SCSI registered)
Valuation	€550,000 (OMV, 3-month sale period)

A.4 Credit Scorecard

Dimension	Weight	Score	Weighted
Property quality & location	25%	5	1.25
LTV / headroom	25%	3	0.75
Borrower strength	20%	4	0.80
Exit / repayment	20%	4	0.80
Income / rental cover	10%	4	0.40
Total	100%		4.00

Recommendation: APPROVE — Experienced borrower, strong property in prime Dublin location, clear exit via BTL refinance. LTV slightly above 70% on OMV basis but supported by borrower's net worth and income.

A.5 Conditions Precedent

1. First legal charge executed and registered at Land Registry (Ireland)
2. Valuation report (Lisney) confirming OMV ≥ €550K
3. Buildings insurance in place naming Buxton as mortgagee
4. Borrower's solicitor undertaking received
5. KYC / AML clearance
6. Proof of auction deposit / purchase funds
7. Personal guarantee executed
8. No material adverse change

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Example B: Buy-to-Let Mortgage

B.1 Loan Summary

Field	Detail
Borrower	Greenfield Rentals Ltd (SPV, owned 50/50 by Mark & Sarah Chen)
Property	2-bed apartment, Block B, The Gasworks, Grand Canal Dock, Dublin 2
Loan type	Buy-to-let mortgage
Loan amount	€350,000
Tenor	7 years (interest-only, with 25-year amortisation reference)
Purchase price	€430,000
OMV (valuation)	€440,000
LTV	80% (purchase) / 79.5% (OMV)
Pricing	5.5% fixed for 3 years, then variable (Euribor + 3.5%)
Arrangement fee	2.0% (€7,000 added to loan)
ERC	3% year 1, 2% year 2, 1% year 3
Gross annual rent	€24,000 (€2,000/month)
ICR	1.27x (at 5.5% stressed)
Security	First legal charge; debenture over Greenfield Rentals Ltd; joint & personal guarantee from Mark & Sarah Chen

B.2 Borrower Profile

Attribute	Detail
Borrower	Greenfield Rentals Ltd (incorporated 2021, ROI)
Directors	Mark Chen (45, IT consultant), Sarah Chen (43, pharmacist)
Property experience	3 existing BTL properties (all in Dublin, all performing)
Portfolio value	~€1.2M across 3 properties
Credit history	Clean (individual and company)
Combined income	€180K (IT + pharmacist salary)
Net worth	~€900K

B.3 Property Details

Attribute	Detail
Type	2-bed, 1-bath apartment, 75 sqm, 4th floor
Location	Grand Canal Dock, Dublin 2 — prime rental area
BER	B3
Management	Managed by Savills Residential Letting (12% + VAT fee)
Current tenant	Professional couple, 2-year AST in place (€2,000/month)
Valuer	Sherry FitzGerald (RICS / SCSI)
Valuation	€440,000

B.4 ICR Calculation

Item	Amount
Gross annual rent	€24,000
Less: letting agent fee (12% + VAT)	-€3,456
Less: maintenance provision (5%)	-€1,200
Less: insurance	-€600
Net rental income	€18,744
Annual interest (€350K × 5.5%)	€19,250
ICR (net rent / interest)	0.97x

Note: ICR is below 1.0x at 5.5% on net basis. However, stress testing at 5.5% on gross rent: €24,000 / €19,250 = 1.25x. Buxton may require additional security or a lower LTV. For this example, we assume the borrower's personal income is sufficient to cover any shortfall, and the LTV is conservative enough to approve.

Revised structure: Loan reduced to €320,000 (LTV 74%), giving ICR of 1.36x on net rental income.

B.5 Credit Scorecard

Dimension	Weight	Score	Weighted
Property quality & location	25%	5	1.25
LTV / headroom	25%	4	1.00
Borrower strength	20%	4	0.80
Exit / repayment	20%	4	0.80
Income / rental cover	10%	3	0.30
Total	100%		4.15

Recommendation: APPROVE (at €320K, LTV 74%) — Experienced landlord couple, prime Dublin location, strong rental demand. ICR acceptable at revised loan level.

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Example C: Light Development Finance

C.1 Loan Summary

Field	Detail
Borrower	Ashford Developments Ltd (SPV, owned by Declan Walsh, 55)
Property	Former public house, Ranelagh, Dublin 6 — conversion to 3 apartments
Loan type	Light development finance
Loan amount	€500,000
Tenor	18 months
Purpose	Convert former pub into 3 × 2-bed apartments (planning granted)
Site acquisition cost	€380,000 (already purchased, funded by borrower equity)
Total project cost	€880,000 (acquisition €380K + construction €450K + fees €50K)
GDV (gross development value)	€1,350,000 (3 × €450K per apartment)
LTV (loan / GDV)	37%
LTC (loan-to-cost)	57%
Pricing	10% annualised (interest rolled up)
Arrangement fee	2.0% (€10,000)
QS monitoring	€3,000 (borrower pays)
Profit on cost	53% (€1.35M - €880K = €470K gross profit)
Security	First legal charge over site; debenture; personal guarantee (Declan Walsh); assignment of building contract; collateral warranty from architect

C.2 Borrower Profile

Attribute	Detail
Borrower	Ashford Developments Ltd (incorporated 2018)
Director	Declan Walsh (55, property developer, 20+ years experience)
Track record	8 completed residential developments in Dublin (total GDV ~€12M)
Credit history	Clean
Net worth	~€2.5M (property portfolio + cash)
Builder	Walsh Construction Ltd (Declan's brother; 15 years experience; 3 prior projects with Declan)

C.3 Development Appraisal

Item	Amount
GDV	€1,350,000
Less: selling costs (2%)	-€27,000
Net GDV	€1,323,000
Less: construction costs	-€450,000
Less: professional fees	-€50,000
Less: finance costs (18 months interest + fees)	-€85,000
Less: contingency (5%)	-€25,000
Total costs (excl. land)	-€610,000
Residual land value	€713,000
Actual land cost	€380,000
Gross profit	€333,000
Profit on cost	38%
Profit on GDV	25%
Loan-to-cost	57%
Loan-to-GDV	37%

C.4 Project Timeline

Phase	Duration	Milestone
Month 0-1	Strip-out and enabling works	QS stage 1
Month 1-6	Structural works and first fix	QS stages 2-4
Month 6-12	Second fix, fit-out, services	QS stages 5-7
Month 12-15	Snagging, BER certs, marketing	QS stage 8
Month 15-18	Sales completion, loan repayment	Full repayment

C.5 Credit Scorecard

Dimension	Weight	Score	Weighted
Property quality & location	25%	5	1.25
LTV / headroom	25%	5	1.25
Borrower strength	20%	5	1.00
Exit / repayment	20%	4	0.80
Income / rental cover	10%	4	0.40
Total	100%		4.70

Recommendation: APPROVE — Excellent LTV/GDV, experienced developer with strong track record, viable project with healthy margins. QS monitoring essential.

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13. Sources & References

Regulatory & Market Sources

#	Source	Relevance	URL
1	Central Bank of Ireland — Macroprudential Policy	Irish residential mortgage LTI/LTV limits	https://www.centralbank.ie/regulation/consumer-protection/macroprudential-policy
2	Central Bank of Ireland — Residential Mortgage Arrears Data	Irish mortgage market data	https://www.centralbank.ie/statistics/data-and-analysis/credit-and-banking-statistics/residential-mortgage-arrears
3	CSO (Central Statistics Office Ireland) — Census 2022 & Property Price Index	Irish property market data	https://www.cso.ie/
4	FCA (Financial Conduct Authority) — MCOB Sourcebook	UK mortgage regulation	https://www.handbook.fca.org.uk/handbook/MCOB/
5	FCA — CONC Sourcebook	UK consumer credit regulation	https://www.handbook.fca.org.uk/handbook/CONC/
6	UK Finance — Mortgage Market Data	UK mortgage and BTL market data	https://www.ukfinance.org.uk/data-and-research
7	BPFI (Banking & Payments Federation Ireland) — Mortgage Statistics	Irish mortgage market data	https://www.bpfi.ie/
8	Residential Tenancies Board (RTB) — Ireland	Irish tenancy regulation	https://www.rtb.ie/
9	Land Registry (Ireland) — Property Registration	Irish title and charge registration	https://www.prai.ie/
10	HM Land Registry (UK) — Property Registration	UK title and charge registration	https://www.gov.uk/government/organisations/land-registry

Valuation Standards

#	Source	Relevance	URL
11	RICS — Red Book (RICS Valuation Standards)	International valuation standards	https://www.rics.org/uk/upholding-professional-standards/standards-guidance/standards-guidance/red-book/
12	SCSI — Society of Chartered Surveyors Ireland	Irish valuation standards	https://www.scsi.ie/

Industry Bodies & Data

#	Source	Relevance	URL
13	SPANA (Specialist Property Alliance)	UK specialist property lending data	https://www.spana.org/
14	BFLA (Bridging & Finance Loans Association)	UK bridging lending standards	https://www.bridgingandfinance.org.uk/
15	UK Association of Letting Agents (UKALA) / NALS	UK letting agent standards	https://www.ukala.org.uk/
16	Daft.ie — Residential Price Report	Irish property price data	https://www.daft.ie/report/
17	Rightmove / Zoopla — UK Property Data	UK property price and rental data	https://www.rightmove.co.uk/ / https://www.zoopla.co.uk/
18	Bridges Street — UK Bridging Market Report	UK bridging market data	https://www.bridgestreet.uk.com/

Legal & AML

#	Source	Relevance	URL
19	Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 (Ireland)	Irish AML requirements	https://www.irishstatutebook.ie/
20	Money Laundering Regulations 2017 (UK)	UK AML requirements	https://www.legislation.gov.uk/
21	Law Society of Ireland — Conveyancing Guidelines	Irish conveyancing practice	https://www.lawsociety.ie/
22	Law Society of England and Wales — Conveyancing Protocol	UK conveyancing practice	https://www.lawsociety.org.uk/

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Appendix A: Process Timelines (Gantt View)

Bridging Loan (Target: 7-14 Days)

Day:  1   2   3   4   5   6   7   8   9  10  11  12  13  14
      ├───┼───┼───┼───┼───┼───┼───┼───┼───┼───┼───┼───┼───┤
S1 ████                                                    
S2     ████████                                           
S3             ████████████████                           
S4                             ████████                  
S5                                     ████████          
S6                                             ████████  
S7 ──────────────────────────────────────────────────────▶

BTL Mortgage (Target: 14-21 Days)

Day:  1   3   5   7   9  11  13  15  17  19  21
      ├───┼───┼───┼───┼───┼───┼───┼───┼───┼───┤
S1 ████████                                        
S2         ████████                                
S3                 ████████████████                
S4                                 ████████        
S5                                         ████████
S6                                                 ██
S7 ────────────────────────────────────────────────▶

Development Finance (Target: 14-28 Days)

Day:  1   3   5   7  10  14  18  21  24  28
      ├───┼───┼───┼───┼───┼───┼───┼───┼───┤
S1 ████████                                    
S2         ████████                            
S3                     ████████████████        
S4                                     ████████
S5                                         ████
S6                                           ██
S7 ──────────────────────────────────────────▶

Appendix B: RACI Matrix

Activity	Originator	Credit Analyst	Credit Committee	Legal Counsel	Compliance	Ops/Portfolio
Enquiry & intake	R/A					C
Desktop valuation		R/A
Credit check & KYC		R			R/A
Rental assessment		R/A
Development appraisal	R	R/A
Full DD	C	R/A		C	C
Credit paper	C	R/A	I
Committee decision	C	C	R/A
Offer letter	R/A	C	I
Facility agreement				R/A		C
Security registration				R/A		C
Disbursement						R/A
Ongoing monitoring	C					R/A
Arrears management		C		C		R/A

R = Responsible, A = Accountable, C = Consulted, I = Informed

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This document is a discussion draft prepared for Buxton Capital. All borrower and property data in the dummy examples is entirely fictional. Industry benchmarks and regulatory references are based on publicly available sources as of early-to-mid 2026. Specific legal, tax, and regulatory advice should be obtained from qualified professionals in Ireland and/or the UK as applicable.