"Personal Guarantee Insurance will settle up to 80% of the debt, rather than the individual’s current home, savings, or other assets."
- Todd Davison, Purbeck Personal Guarantee Insurance MD
Purbeck Personal Guarantee Insurance is the UK’s first and only provider of personal guarantee insurance and has protected 1,300 directors with over £200 million in Personal Guarantee commitments.
Property Personal Guarantee Insurance is available for Development Loans and Bridging Loans as well as Commercial Property Mortgages. PGI can also be used in cases where the self-builder has created a limited company structure for their self-build project.
Property developers and self-builders are often required to provide additional security to lenders via a Personal Guarantee. Signing a Personal Guarantee means the Guarantors are placing their personal estate at risk so if the development fails then the lender can seek recoveries from the Guarantors personally.
Todd Davison, Purbeck Personal Guarantee Insurance MD has said:
“It can often be the case that self-builders create a limited company structure to manage the finances of their building project and create some protection around their personal finances. However, that can all be for nothing if they are asked to sign a personal guarantee as a condition of funding.
“We have therefore developed a solution for self-builders as well as property developers to protect their assets should their building project fail.”
