MV – Market Value: How much the property is currently valued at.

BMV – Below Market Value: If the property is being sold for less than the current Market Value.

OMV – Open Market Value: The price at which an asset would trade on the open market.

GDV – Gross Development Value: The value of the property after works have been completed.

LTV – Loan to Value: The ratio between the value of the loan you take out and the value of the property as a whole, expressed as a percentage.

LTGDV – Loan to Gross Development Value: The ratio between the value of the loan you take out against the expected value of the property after works, expressed as a percentage.

b – Loan to Cost: Measures the ratio between the total loan amount and ‘cost’ of the project which can include purchase price and cost of works.

DIP – Decision In Principle: Same as Agreement in Principle, shows a lender has indicatively agreed to lend to you should you accept their offer.

AIP – Agreement In Principle: Same as Decision in Principle, shows a lender has indicatively agreed to lend to you should you accept their offer.

SALIE – Statements of Assets, Liabilities, Income and Expenditure: An overview of the client’s financial status.

AST – Assured Shorthold Tenancy: A type of tenancy agreement generally used by private landlords.

SPV – Special Purpose Vehicle: A special purpose vehicle, also called a special purpose entity (SPE), is a subsidiary created by a parent company to isolate financial risk. Its legal status as a separate company makes its obligations secure even if the parent company goes bankrupt.

BRR – Buy, Refurbish, Refinance.

HMO – House of Multiple Occupancy: A residential property where more than three or more tenants, forming more than one household, occupy the property.

b a project undertaken jointly by two or more parties which otherwise retain their distinct identities.

QS – Quantity Surveyor: A construction industry professional with expert knowledge in construction costs and contracts. Usually employed by the Lender to check over your build costs and to assist with monitoring during the construction.

MS – Monitoring Surveyor: A construction industry professional with expert knowledge in construction costs and contracts. Usually employed by the Lender to check to assist with monitoring during the construction.

PG – Personal Guarantee: refers to an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance (Investopedia).

ERC – Early Redemption Charge: a fee you might be required to pay when redeeming your loan. Also known as Redemption Fee. Most Lenders will have an Early Repayment Charge if redemption occurs during their fixed term period.