Bridging Loans
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Fast bridging loans for employed or self employed
Bridging loans are a short term finance loan often used in purchases that need to completed quickly to prevent a property or very good price being lost. These can be used until properties have been sold or to purchase property where there is a requirement for auction finance due to the 28 day completion deadline allowing a longer period of time to obtain more permanent lending finance such as a mortgage. Bridging is short term finance and is typically redeemed in full upon the sale or refinance of the property. When using for auction finance, a bridging loan can be valuable lending under circumstances where a property requires substantial works to improve or make the property habitable.Read More...
After bridging short term finance while the property is renovated/completed, more permanent lending is obtained to redeem the bridging loan. Bridging short term finance can be used to aid in a lot of different situations.
Bridging loans can be used as development finance if the turnaround of the project is expected to be short instead of self-build or commercial finance. Bridging finance lenders will offer a low loan to value loan on most projects as either commercial finance or regulated loans. Bridging property finance however very useful, can be quite an unexpected cost at a time that is already expensive for many borrowers moving home. Development finance can however allow the borrower to remain in the current property until the build is complete. Commercial finance can often be a long process in terms of mortgaging a property. Bridging property finance enables the owner or purchaser to complete any required works before the mortgage is placed and the bridging finance lender is repaid.
Bridging finance UK is a short term funding used for property financing and is probably the most under used form of financing available when assessing property loans. Bridging loans can provide fast access to funding with the minimum of formalities and can be used for a range of purposes including investment and commercial property financing through commercial bridging loans.
Loan bridging finance can be used in a number of different circumstances for example renovation – purchasing dilapidated properties for full renovation. Property loans such as these can be obtained for either investment property financing or commercial property financing. Bridging finance is simply the name for short term property investment loans and is sometimes also known as interim finance.
Who can use bridging finance any purpose? Individuals looking to raise capital on their own homes or indeed any other acceptable investment property or commercial property for financing. This may be the bridging short term finance they require on either property that they already own or are purchasing. Property loans in the form of bridging finance generally tend to be assessed on the property being used for the bridging property finance requested i.e. the size of the loan to the value of the property. The bridging loan lenders have to assess everything before accepting any application. When dealing with bridging loan any purpose finance, the wait for the bridging loan decision can feel like a lifetime, but you need to stay patient as this is the key to link lending and bridging property finance.
Bridging loans are secured against property therefore they are sometimes known as simply property loans. The property financing will be subject to a 1st or 2nd charge against your new or existing property. You may be able to borrow 100% of the purchase price of a property, if additional investment property financing is available to increase the amount of security available. Close...
Why choose us for a bridging loan?
- Bridging loans from £25,001
- Bridging loans with a maximum term of up to 12 months. Extensions and longer terms may be granted in certain circumstances for your bridging finance.
- Our Bridging Loan services are rated 5 / 5 based on 11 customer reviews.
Bridging Loan Lenders
Bridging loans are used as an alternative to a mortgage in many circumstances because bridging short term finance can have greater flexibility and speed.
For example Bridging Loans UK can quickly arrange funds to purchase a property at auction. Auction purchases often do not allow enough time to obtain a completed mortgage. Bridging finance UK can be used as a stop gap as the lender can quickly assess the case and provide an instant and formal bridging loan decision in principle. This will enable clients to attend the auction with confidence, bid for the desired property and even pay a deposit knowing that the balance of finance needed for the remainder of the purchase has already been secured (subject to terms and conditions). The bridging property finance can be subsequently repaid by a remortgage or sale of the property....read more
UK Bridging Loans 95 Blaby Road, South Wigston Leicestershire, LE18 4PB
0800 0372121 0116 2581953
Bridging loans starting from £25,001 or less
Even if you require one of our relatively small bridging loans, we can help. Our minimum bridging loans normally start at £25,001 although we do have access to select lenders who specialise in even smaller sums. The loan bridging finance can be secured on commercial property, residential property or land and as a first or second charge. Subject to status we can raise bridging finance for well over £1,000,000.
Fast bridging loans for employed or self employed, without proof of income, impaired credit, individuals or companies
As bridging loan lenders and brokers we have arranged bridging finance any purpose for clients who are employed or self employed, for clients who cannot prove their income, clients who have impaired credit and also for limited companies.
Bridging loans with a maximum term of up to 12 months. Extensions and longer terms may be granted in certain circumstances
Our usual term for bridging finance lenders is between 3 and 9 months however we can arrange longer terms subject to status. We would not normally exceed 12 months although we do try to be as flexible as possible and providing the client keeps in regular contact we could look to extend the bridging loans terms after expiry on a month by month basis.
Flexible and bespoke underwriting and lending criteria
Our panel of lenders use a large degree of flexibility when underwriting. Through our contacts, associations and private agreements in the world of bridging property finance we also have the ability of knowing which bridging finance UK case can be submitted to which company. Due to this we are very confident in saying that "if we can't find a home for bridging loan requests then nobody else can".
Highly competitive bridging loan rates
Our standard bridging finance UK rates are already highly competitive. We also have a bespoke approach which allows us to reduce, remove or minimize set up fees for repeat clients and preferred business and also to reduce rates where applicable.
Bridging property finance loans normally up to 70% of the property valuation. In specific situations 100% bridging loans are also available.
Our normal bridging short term finance loans will not exceed 70% of the valuation of the property however in certain circumstances where for instance a property is being purchased for substantially below market valuation or when additional security is being used we can allow bridging loans for the full purchase price of the property.
Bridging finance lenders funds can be issued within several days of initial contact
Most bridging property finance companies state that funds can be released quickly but in reality this is pure fabrication and with many bridging loans, it can take longer to arrange than with more traditional forms of finance such as a mortgage. Through our extensive trials we have located companies who are geared to release bridging finance funds in days of contact not weeks or even months. We also have our own underwriting and bridging finance lending facility where depending on the case we can act very quickly and release the bridging loan within a few days of the original request.
Immediate bridging loan decision in most cases
We rarely have applications for bridging loans where we are unsure of whether or not we can place the case. We have vast experience in the use of bridging finance and are approached about many potential uses of bridging finance on a daily basis. We could normally give you an immediate answer on whether or not a bridging loan can be used for your requirements.
Bridging Loans for UK residential property, commercial or land deals. Land or property owned by a 3rd party may also be used as security for your bridging finance.
Our Bridging Loans can be used for any use and can virtually be secured subject to agreement on all immoveable residential properties, land or commercial property within the UK.
Payments can be made in two ways either by including payments within the bridging loan any purpose amount so monthly instalments are not required or payments can be made monthly.
We look at the situations and requirements for our bridging short term finance in many different ways. For example if the bridging loan lenders are to be used as development finance to buy and renovate a property by the applicant who will have no other source of income until the renovation is complete we would where possible try and include the monthly payments within the loan amount so in this instance monthly payments will not be required.
Example - the bridging loan required is for £50,000 over 6 months. The monthly payments of approx £750 x 6 would be included in the advance making the total loan advance to be repaid without any additional fees approximately £54,500.
Alternatively payments can also be made on a monthly basis.
1st or 2nd charge loans available for fast finance
As our associate companies are licensed both under the Consumer Credit Act and Financial Services Authority we are therefore authorised to lend in both Regulated and Non Regulated areas. As such our bridging loans can be secured on property as either a first or second charge. A first charge bridging loan means that we are the only charge on the security address. A second charge bridging loan means that our charge will be registered and ranked behind a first charge lender such as a standard mortgage.
Bridging finance UK scenarios comparing different types of bridging loans
Bridging finance any purpose can be arranged in one of two basic ways - "open ended" or "closed".
An open ended bridging loan requires no pre-arranged exit for the lender where as a closed bridging loan has a guaranteed exit. As a closed bridging loan is less risky the lender may charge a lower interest rate. The exit is normally in the form of a sale where contracts have already been exchanged or another similar legally binding agreement. Closed bridging loans generally are for a much shorter term than an "open bridge" however funding of up to 12 months should still not be a problem. The rates for an open bridging loan can be higher than for a closed loan due to the increased risk for the lender. An 'open' bridge has a less secured exit route and can be used for buyers who have seen their ideal property purchase but have yet to sell their own. With an open bridging loan a responsible lender will usually ask more questions and request more supporting documentation to ensure the applicant will be able to repay the loan by the end of the agreed term without difficulties. A lender will also insist that the property has an agreed amount of equity remaining once a bridging loan has been activated. An open bridging loan may also be used if the applicant is in fact seeking a mortgage (which has not yet been agreed) to remove the bridge. The open nature and uncertainty of an open bridge means higher interest rates and higher loan costs. The benefits are that bridging finance is delivered fast.
There are many types of bridging loans that can be used as interim finance. When it comes to link lending, commercial finance, bridging finance UK, commercial bridging loans or anything related with loan bridging finance, we are the experts of the industry.