What is Bridging Finance?
Bridging Finance is a short term loan secured against Property & Land. It is usually used to bridge a gap for a longer term refinance product or the underlying to be sold. Before you look at Bridging Finance the key is to ensure that there is a viable exit strategy in place before application process.
What types of Security can be used for Bridging Finance?
- Residential Property
- Land with or without planning permissions – Semi-Commercial / Mixed Use Property
- Commercial Property
This can include 1st, 2nd & 3rd charge of any of the above.
What are the criteria for Bridging Loans?
- Leading Market Rates
- Term 1-18 Months
- Up to 100& Loan To Value (Subject to additional security) – Rolled up interest or serviced payments
- No exit fees
- Loans from £40k to £40million
What can Bridging Finance be used for?
- Broken Chain
- Purchase Below Market Value Property
- Purchase a property for heavy or light refurbishment
- Deemed unsuitable for mortgage purpose with mainstream lenders, eg. no kitchen or bathroom.