Bridging Loans
Bridging finance is short-short borrowing taken out to facilitate a transaction, secured against residential or commercial property.
When funds are required within days rather than weeks, we can arrange competitive quotes sourced from the widest range of products to suit all lending requirements.
A bridging loan can be used for a variety of reasons:
- Purchase one property before completion on the sale of another.
- Fund the purchase of a property abroad.
- Fund the purchase of a ‘defective’ property, but repairs have not yet been done.
- You do not want to lose the purchase of a new property (auction sales etc).
Bridging finance is usually for periods between 2-12 months.
Clients best suited
- Client purchasing property at auction
- Property refurbishment or conversion projects
- Clients with chain-breaking mortgages
- Clients who have been, or are about to be repossessed, to avoid bankruptcy
- Clients requiring short-term finance for business purposes
Turnaround times
Bridging finance cases can be completed in a matter of days, depending on the loan size, the security being used and the initial information supplied.