Bridging Finance Mortgages
A bridge loan is a short term finance option which can be made to an individual or company and secured against a residential or commercial property or plot of land.
Bridging finance is popular with landlords and property developers for funding short-term projects, and are becoming increasingly popular with home movers, as it can help you to buy a new property, whilst you are waiting to sell your existing home.
There are a number of potential benefits for clients including quick arrangement time, which can be within 24 hours, daily interest rate and no early repayment charges (on some schemes) – great if you only need to have the loan for a short amount of time.
No credit checks are required for bridging loans. However, lenders will require a completed application form, proof of address, a form of identification, and a copy of your building insurance schedule noting the lender’s interest, which we can arrange for you.
We arrange bridging finance with every type of lender in the market, including private, secondary and specialist banks who can provide bridging loans. This range of options allows us to arrange bridging finance at the best price possible, whatever your circumstances. Of course, you pay for speed and certainty, but rates may be less expensive than you’d think.
We’re specialists in the complexities that drive the need for a short-term bridging facility. Our team take pride in getting to know the borrower’s individual requirements, understanding them with all their quirks and the potential obstacles that others shy away from. Each facility is tailored to provide an innovative and flexible approach with our view that no loan is ever the same.
Bridging loans can be used for a number of reasons, such as refurbishing or converting a property. Bridging loans are also often used to help those looking to buy at auction where you have a short timeframe to exchange contracts. Chain breaking is another common use of bridging loans – you might have found a new property but haven’t been able to sell your current one yet. Bridging finance solutions allow you to take out a short-term loan on your current property and transfer your mortgage to the one you intend to purchase. Once you have sold your previous property you simply redeem the bridging loan.