No-Recourse Bridging for HNW & Corporate Vehicles
Bridging Loans Without Personal Guarantee
We arrange bridging loans without personal guarantee cover, secured on the investment or commercial property and nothing else. Short-term lenders normally ask a director to sign a PG even when a company borrows. For high-net-worth buyers, family offices, trustees, pension schemes and portfolio landlords, that signature can be the thing that stops a good purchase or refinance. A no-PG bridge leaves your personal assets outside the deal.
£200k–£100m+
Loan Size
12 to 24 months
Typical Term
some lenders go to 36 months
50–55% LTV maximum
Typical LTV
Key Features
What We Offer
Security solely against the property
No personal guarantee, no charge over your personal property, no claim on assets outside the deal. The property is the only recourse.
Cleaner structure for trust + pension assets
Built for SSAS, SIPP, family office and trustee borrowers, where a personal guarantee often isn't legally possible in the first place.
Limited indemnities considered
Where a case is borderline, a capped indemnity from the ultimate beneficial owners can sometimes close the gap. Looked at case by case.
From £200,000
Our minimum loan is £200k. Lenders do more work on a no-recourse bridge, so larger loans with strong security are the easiest to place. Any sensible borrowing vehicle can apply.
1st charge only
No second-charge no-PG structures. The senior position protects the lack of personal recourse.
Standard property types
Houses and flats, offices, shops, mixed-use and semi-commercial buildings are all fine. Unusual assets go to specialist underwriters.
Ideal For
Common Scenarios
High-net-worth individuals
Happy to back a deal with equity, not with their personal balance sheet. The asset stands on its own merits, and so does the loan against it.
Trustees and family offices
Legally cannot give personal guarantees on behalf of beneficiaries. No-PG bridging is the only structure that fits.
SSAS / SIPP property purchases
Pension-fund-backed property buys where guarantees aren't permitted. Tightly underwritten but routinely deliverable.
Professional landlord SPVs
Operating business shouldn't be exposed to deal-level risk. Each scheme funded as a separately-collateralised vehicle.
When To Use
When No-PG Bridging Makes Sense
- •A fast company purchase where the buyer wants the property bought through an SPV and the principals kept out of the security
- •A pension-scheme acquisition by a SSAS or SIPP, where the trustees have no power to sign a guarantee
- •Refinancing an existing bridge onto a no-PG structure when circumstances change, for example after a parent company buys the SPV
- •A development exit at practical completion, moving off a PG-backed build loan and onto a bridge secured on the finished scheme alone
- •A portfolio landlord funding each new property in its own vehicle, so one deal can't reach the rest of the business
- •An overseas borrower whose assets sit outside UK jurisdiction
The Trade-Offs
What Changes vs a Standard Bridge
Take away the personal guarantee and the property has to carry all of the security on its own. A few terms move as a result. None of them should put you off, and it helps to know them before the valuer arrives.
Lower LTVs
No-PG bridging goes to a maximum of 50–55% LTV. With no one to pursue personally, lenders want a thicker equity cushion in the property.
Stronger valuation scrutiny
Senior RICS surveyor instructed on every deal. Larger transactions may require a desktop second opinion.
Tighter exit evidence
The lender can only look to the asset, so it wants clear evidence of how the bridge will be repaid: an agreed sale, a refinance offer in principle, or a strong sales pipeline.
Slightly higher rate
A no-PG bridge is priced higher than a standard loan with a guarantee, case by case. That is the price of keeping personal assets out of reach.
Minimum loan size
Our minimum loan is £200,000. Valuation, exit review and the extra security documents take the same effort on a small loan as a large one, so larger loans with strong security are the easiest to place.
Slightly longer process
Typically 5–7 working days to completion, usually towards the upper end. The valuation and exit assessment carry more weight.
Eligible Borrowers
Which Borrowers Qualify (and Which Don't)
No-PG lenders will consider:
- ✓Limited companies and LLPs
- ✓SPVs (purpose-built or pre-existing)
- ✓SSAS and SIPP pension schemes
- ✓Trusts (UK and offshore considered)
- ✓Family investment companies
- ✓Plc and listed company subsidiaries
No-PG is unlikely for:
- ✗First-time directors with no track record
- ✗Newly-incorporated SPVs with no demonstrable parent strength
A standard bridge with a PG is usually still on the table in those cases. Talk to us about the structure.
Product Comparison
NPG Bridging vs NPG Development Finance
We are often asked about "no personal guarantee development finance", because developers reasonably expect that what works on a bridge will work on a build loan. It doesn't quite. NPG bridging and NPG development finance look superficially similar but sit in very different parts of the market.
When NPG is available on bridging. No-personal-guarantee bridging is well-established and routinely deliverable for the right structure: limited company or SPV borrower, completed or near-completed property as security, conservative LTV (a maximum of 50–55%), 1st-charge senior position only, and a clear exit. The lender's protection is the equity margin in the asset plus the priority charge. Loan size from £200k upwards. Property types: residential, commercial, mixed-use.
When NPG is available on development finance. Genuine no-PG development finance is rare. A build loan stacks construction, programme and sales risk on top of the property risk, so most lenders want one or more directors to stand behind it personally. The narrow set of lenders who do offer NPG development typically restrict it to: prestigious sponsor track record (20+ delivered schemes, sector reputation), loan-to-cost capped around 50-55%, LBV-led deals (where the land value alone covers a large fraction of the senior debt), or PLC and listed-subsidiary borrowers where corporate balance sheet provides the recourse.
Why the products have different NPG availability profiles. Bridging is a single-snapshot risk: the property is what it is at funding day, and the exit happens within the term (terms are most commonly 12 to 24 months; some lenders go to 36 months). Development finance is a forward-looking risk: the lender funds against what the asset will be, with material construction and market risk in between. Personal guarantees normally soak up that forward risk. Take them away and the lender needs much stronger protection elsewhere to carry the same exposure.
For borrowers exploring this trade-off: standard bridging with NPG is broadly available; development finance with NPG is achievable but typically requires significant sponsor scale. Where development finance NPG isn't achievable, structuring development finance with PG and refinancing onto an NPG bridge at practical completion (development exit finance) is a common practical workaround.
Related Concept
Non-Status Bridging: What It Actually Means
"Non-status" bridging often gets mixed up with no-PG bridging. The two are related, and they are not the same thing.
Definition. Non-status means the lender doesn't require income evidence, employment history, or trading history as part of the underwrite. The deal is assessed almost entirely on the asset, the LTV, and the exit strategy. A non-status bridge can still come with a PG. What it drops is the need to prove income behind that guarantee.
How non-status overlaps with NPG bridging. Both products exist for borrowers whose personal circumstances don't fit a conventional underwriting template. The overlap is large: many borrowers who want non-status terms also want NPG protection, and a number of specialist lenders offer both together. But they can be unbundled: NPG with full income evidence (most common for HNW borrowers), or non-status with PG (most common for self-employed or trading-history-thin borrowers).
When non-status makes practical sense. Three typical fits: clean credit history with unverifiable income (cash-business owners, recent self-employment, international income); offshore borrowers whose income sits in non-UK jurisdictions and would be cumbersome to evidence; and SPV-first-deal scenarios where the SPV has no trading history but the principals do. Talk to us about which combination of structures fits your specific situation.
The Detail
Trade-offs of NPG Bridging
The "What Changes" section above covers the headline differences vs a standard PG-backed bridge. Here's the depth on each lever and what to budget for in negotiation:
Pricing premium. NPG bridging is priced higher than an equivalent PG-backed facility, and by how much depends on the lender, the asset and the LTV, so we quote it case by case. That is the cost of removing recourse. For HNW borrowers and corporate vehicles, that cost is normally well-justified by the asset protection.
LTV reduction. NPG-eligible LTVs go to a maximum of 50–55%, while on a PG-backed deal a few lenders will go higher with additional security. Where a guarantee is given, it is typically 20–25% of the facility. The wider equity margin compensates the lender for the loss of recourse. For borrowers genuinely needing maximum leverage, the PG route is usually unavoidable; for borrowers prioritising asset protection over LTV, the trade-off favours NPG.
Lender pool. The PG-backed bridging market in the UK has 50+ active specialist lenders. The genuine NPG market is narrower: typically 4-8 specialist lenders actively writing the product, plus a further handful who'll consider it case by case. That narrower pool is part of why deal routing matters so much on NPG cases.
Security profile. Even where personal guarantees are removed, the lender's overall security architecture is normally strengthened in other ways: a debenture over the SPV granting fixed and floating charges over all SPV assets; director undertakings (procedural, not financial: for example, a commitment to provide management information, not to grant further charges and not to take dividends until redemption); cross-collateralisation across two assets where one is borderline; or an account control agreement over the SPV's bank account. These structural protections don't reach personal assets but materially strengthen the lender's day-one position.
Put together, a lower LTV, a modest pricing premium and tighter company-level security are what most institutional and HNW borrowers accept in return for keeping their personal assets out of a short-term loan.
Loan Parameters
Headline Numbers
Loan size
£200k–£100m+
LTV
A maximum of 50–55% of day-one valuation
Rates
Bridging rates start from 0.50% a month (first charge, under 50% loan-to-value, straightforward cases); a no-PG loan is priced higher, case by case
Charge
1st charge only
Term
12 to 24 months; some lenders go to 36 months
Property types
Residential, commercial, mixed-use, semi-commercial
Common Questions
No-PG Bridging FAQ
Why do most lenders insist on a personal guarantee?
Can I move from a PG bridge to no-PG mid-term?
Will you lend no-PG to a brand-new SPV?
Is the underwriting process longer for no-PG bridging?
Can the SPV's ultimate beneficial owners give a softer indemnity instead?
Is no personal guarantee development finance available?
What is non-status bridging?
How much more does NPG bridging cost?
The Market
The UK No-PG Bridging Market: What You're Working With
The UK specialist bridging market comprises over 167 active lenders — but genuine no-personal-guarantee bridging is available from a significantly smaller subset. Understanding the shape of this market explains why deal routing matters so much for NPG cases.
The PG-backed market: More lenders write this product than NPG, so there is more choice on pricing. LTVs typically go up to 75%, and a few lenders will go higher with additional security. Personal guarantee is standard for individual borrowers, directors of limited companies, and SPV UBOs.
The NPG market: A specialist subset of 4–8 lenders who actively write no-personal-guarantee bridging at any given time, plus a further handful who consider cases on their merits. These are predominantly private funds, family office capital, and specialist challenger lenders — relationships first, rate cards second. They are rarely on aggregator platforms and are not accessible without an active introducer relationship.
Why the market is smaller: Removing the personal guarantee concentrates enforcement risk on the property. Lenders compensate with lower LTVs (a maximum of 50–55%), higher rates (priced above a PG-backed equivalent, case by case), and more thorough exit assessment. These aren't punitive conditions — they reflect rational risk management in the absence of personal recourse.
Our position: We maintain active relationships with the NPG-capable lenders and place these cases regularly. We know which lenders are open to which borrower structures, which LTV brackets attract competition, and where a borderline deal needs a limited indemnity rather than a full PG to cross the line. For NPG bridging in the UK, the right broker relationship is not a nice-to-have — it is the product.
Real Results
Deals We've Structured
Want the Property to Stand on Its Own?
Tell us the borrowing vehicle, the asset and the exit, and we'll say whether a no-PG bridge is realistic and which lenders to approach. We'll call you back the same working day, often within a couple of hours to talk it through, and send indicative terms within 4 hours on straightforward deals, often quicker.