Bridging loans are a form of fast, flexible, short-term lending, usually for 12 months or less. This can be used by individuals or businesses. The loan can be used to “bridge” the gap in your finances until either a long-term financing solution can be put in place or alternative funds are received from another source, for example the sale of a property.
We usually find most of our clients need bridging for, auction purchases, land purchases with no planning, chain break situations, property refurbishments or where clients are asset rich but may but have less income then used to.
A bridge loan uses the equity in property as security for a borrowing facility. Unlike other secured loans and mortgages, a bridge loan can be set up quickly and can make use of property that would normally be considered unsuitable security for many lenders.
We have access to bridging lenders in the UK. Typical key features of bridging are:
* Up to 75% Loan granted to the value of security
* Minimum loan size: £25,000
* No maximum loan size
* Minimum term – 1 month term
* Maximum term – 24 months term (12 months regulated)
* No upfront fees
* First and second charge
* No age restrictions and not based on income
* Product Availability in England, Wales & Scotland
* Straightforward, transparent & quick