A special purpose vehicle (SPV) incorporated as a UK limited company at Companies House is technically eligible to apply. In practice, the critical question is whether the SPV itself generates income or holds assets that produce a clear, serviceable cashflow. Many SPVs are structured to ring-fence assets or liabilities for a parent group and have no independent revenue stream — these do not fit our lending model.
SPVs that tend to qualify
- Trading SPVs — set up to operate a specific contract, project, or revenue-generating activity. If the SPV invoices customers, holds a service contract, or operates a venue or property commercially, it presents a visible cashflow for assessment.
- Property-owning SPVs with rental income — commercial property SPVs with tenanted income can apply. We look at the rental roll and lease terms rather than market valuations alone.
- Project-finance SPVs mid-delivery — where a defined project generates staged payments, a Business Loan or Credicorp Slice can bridge a specific cost to the next receipt.
SPVs that fall outside our criteria
A dormant SPV, a pure asset-holding entity with no income, or an SPV whose only cashflow is an intercompany subsidy with no contractual basis does not present a standalone repayment picture we can underwrite. If your SPV sits in this category, the operating parent or a trading entity in the same group may be a better applicant.
What we need from an SPV application
Explain the SPV's purpose clearly at the outset. Provide any project agreements, lease schedules, or contracts that evidence income. Filed or management accounts showing the SPV's own profit and loss are essential — consolidated group accounts alone are not sufficient.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: Can a holding company apply for business finance?, Can a dormant company restarting trading get a business loan?.