Bridging Loans UK
You have access to a range of bridging loans from quick bridging finance, pre-approved Auction Finance bridging loan, with fast, flexible and transparent short term finance.
Rates for Bridging Loan vary from 0.75% a month. With acceptance fees from 0-3% and exit fees from 0-3%. There is a vast range of bridging rates depending on expected term, property types and your credit.
Bridging finance lenders are plentiful providing a vast and diverse range of bridging finance criteria.
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What is a bridging loan?
You can obtain short term funding facility to purchase property called “bridging loan” or “bridging finance”, it is short term as you need an exit route to utilize within 12 months.
You may require a bridging loan if you need to purchase quickly knowing a buy to let mortgage can take a while, others need it for Auction Finance to avoid auction house penalties and others to bring a property into habitable condition prior to a term mortgage. In all bridging examples you obtain this finance for a short period, with the intention to repay it quickly for example via refinance or sale.
As it is short term bridging loan rates are higher than mortgages, some also have an application fee and an exit fee from 0%-to-3% of the loan. You need a mortgage broker with a range of facilities to suit your projects requirements.
A bridging loan is available from our bridging finance brokers for Buy to Let, development finance bridging, auction finance bridging and renovation bridging. Whatever you need bridging finance for contact us today.
What is the main usage of Bridging Loans?
Bridging Loans are used for a variety of purposes and can offer quick completions for scenarios where you need a fast turn around or for when the property or your temporary usage of it does not meet buy to let mortgage lender criteria.
The most common reasons we have used bridging finance for include:
- Meeting Transaction Deadlines – Rather than several weeks, bridging finance can be completed in a matter of days.
- Property Auctions – Auction Purchases typically have a short deadline before start incurring fees or loose the winning bid.
- Capital Raising – Raising finance for any loan purpose against an existing property by first or second charge.
- Chain Break Finance – Where completion on a new property is needed before an existing property has been sold.
- Property Refurbishments – Term Mortgages require you or a tenant to reside in the property. Bridging Finance can be used as a stop gap for when you Refurbish the property. (New Kitchen?)
- Property Conversions – Whether converting a single dwelling to flats/hmo or vice versa.