BRIDGING LOANS

Can usually be arranged very quickly with a minimum of fuss and delay.

What is a Bridging Loan?

Short term bridging finance that can be arranged in cases of temporary cash shortfall, particularly during the purchase of a property, land or business. One needs it when a purchaser dropped out last minute, in contract races or where purchase is needed before a sale, or you may need one if you're buying property at auction.

The process

• Our advisor will respond to you within 4 hour (on a normal working day ie between 9 am to 5.30 pm Monday to Friday) with an offer in principle.
• If you agree to the offer in principle, we shall arrange for an urgent valuation of the property the loan to be secured against.
• On average the valuation would be £200 but may vary depending upon the property and the amount of the loan, that need to be paid in advance to speed up the process.
• You would need a solicitor who can move very quickly to deal with the formalities as a matter of urgency. If you need help, we can recommend you a solicitor who we use for such case.
• From the time we receive your first application to the money being paid, you should expect the entire process to take 7 to 10 working days.

Bridging Loans for Auctions

If you buy a property at auction, either for your own occupation or as an investment  you have to complete within 28 days.

You could use a specialist bridging lender, whose main business is to cater for auction purchases.

These lenders are normally "non-status" (ie they make no enquiries of the financial standing of the borrower), and have no minimum periods or redemption penalties. 

We have very good links with normal banks and specialist bridging lender. Specialist lender tend to deal with an application very quickly when time is short.

The Cost

As a rule Bridging loans are more expensive as most lenders consider them more risky than the standard mortgage. We suggest you should only take one when you are sure to repay it within 6 months.

• Amount can be £25,000 to £500,000 upto 65% of the value of the property,
• Interest rates start from around 1.25% per month,
• Self employed and customer with poor credit history can be considered, though interest rate would vary accordingly.
• Average valuation fee would be £200 but may vary depending upon the property,
• Our search fee of £495 to be paid at the point of we produce an offer of advance.
  
  

  Why not discuss you requirement with one of our advisors will help you to decide if what is the right for you and your business.

  Call now at: 08451 30 40 92/3 to book an appoinment.

  Or just complete a short enquiry form now.