What is a bridging loan?
Affordable short term finance
If you have a temporary gap in funding for a property purchase, business investment or similar, a bridging loan can be the perfect solution. It allows you to borrow large amounts of money relatively quickly so you can keep moving forward until you can arrange a more long term finance solution.
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Our expert team of bridging loan advisors can help you find the best deals on short term finance from across the industry.
- We may be able to help even if you have adverse credit or CCJs
- Access bridging finance deals from most UK providers including the top lenders
- We will work with you to find the best rates on bridging loans that match your needs
For all the latest deals on bridging loans, try our free bridging loan calculator or call us on 0117 313 8872.
How bridging loans work
When you buy a house at auction, take on a renovation project or need a fast injection of cash into your business, it can be hard to access common forms of finance such as a mortgage. This may be because the application process will take too long, or because the asset you wish to secure a loan against does not currently meet the necessary criteria. A common example would be a house which is not fit for human habitation, so will be unmortgageable until you carry out improvements.
Bridging loans let you access the money you need temporarily before being replaced with a more permanent form of finance. So, in the case of a renovation, this would be to allow you to carry out the necessary building work to bring the house up to a mortgageable standard. You could then take out a mortgage and use it to pay of the bridging loan.
Bridging finance is typically intended to last for a year or less, although some lenders will lend for up to 3 years. Interest rates tend to be relatively high, so it is vital to compare products from several providers to get the best deal. An experienced broker can help you with this.
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Benefits of bridging loans
Bridging loans provide the following advantages for borrowers:
- Borrow from £50,000-£15million
- Get secured loans with 70-75% LTV
- Available on residential and commercial properties
- Access short term finance for individuals, limited companies, sole traders and partnerships
- If your already have loans secured against a property you may still be able to access bridging finance as a 2nd, 3rd or even 4th charge
Get the best rates on bridging loans
Our highly experienced bridging finance advisors can help you find the best rates on bridging loans from all the top providers. Call us now on 0117 313 8872 for a free initial consultation or use the contact form at the top of the page for a quick response.