Bridging loans are short term commercial loans to plug a gap in your finances, typically used in respect of funding major projects, such as a property purchase. A bridging loan can provide fast access to funding with the minimum of formalities. Bridging finance can be used in a number of different circumstances, such as:
1) Property Refurbishment - buying dilapidated properties and then renovating and selling them in a short space of time.
2) Property Purchase - the most common usages is when people buy a new property before their present one is sold - "a bridge".
3) Property Auctions - a typical mortgage can take several weeks to secure whereas bridging finance a few working days meaning the average auction settlement of 14-28 days is no longer a barrier.
With bridging finance, the loan will always be secured against residential or commercial property. A first or second charge will be taken against new or existing property, or a combination of both. Bridging finance is much quicker to arrange than a normal residential mortgage; on average 2-10 working days from first enquiry to completion.
We can help you secure up to 100% of the purchase price for the right proposal. Your home / property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.