We at Toton Nottingham have always been proud to calculate your loans using one of UK’s simplest interest rates. This is part of the commitment of the company to provide customers a better and transparent service. This means that no matter how much interest our customers have accumulated, the company will only calculate the interest on the capital advance. Our service differs from the compound interest that if offered by most banks and lenders. Compound interest means the interest is calculated anew on the amount outstanding on each of the payment period which is usually done monthly. The difference between seems negligible at first when interest is charged, but over, say, a five-year period, the difference can be significant.
Below is a sample table that demonstrates the difference between simple and compound interest of £100,000 charged at 5% per year over 5 years.
|YEARS||SIMPLE INTEREST||COMPOUND INTEREST|
The founder of Toton Nottingham, Tim Meakin had a very successful profession in property development. He understands the needs of professionals and their requirements on short-term bridging finance. Bridging loans devised to help people complete the purchase of property before selling their existing properties by offering them short-term access to money at a given high-rate of interest. One of the most vital features that Tim Meakin based the company on is the repeat business. At Toton Nottingham, expenses are kept as low as possible in the belief that if borrowers make money, they will return with more projects to fund. As a result, Toton Nottingham have never advertised and all their business transactions come from word of mouth.