Bridging or short term borrowing has evolved hugely over the past few years, with increased competition in the market filling gaps left by rigid High Street lending criteria.
A bridging loan is where borrowing is taken on a short term basis (typically a few weeks up to 12 months) to cover many differing types of requirement. Such borrowings can be considered against either your main home, buy to let or commercial properties and land with planning permission.
The bridging lender will focus on the exit route as a means to repay the borrowing, a variety of options which can be considered.
Bridging loans can vary tremendously in terms of interest rates, fees and other terms, consequently advice specific to your circumstances is crucial. We work with a comprehensive range of lenders and will look to review options prior to making a recommendation which matches your needs.
Examples of bridging customers where we can provide a helping hand are:-
- Where a property is being purchased which requires refurbishment
- Where you need to buy a new property prior to the sale of your home or other assets
- Where a completion is needed quickly, such as at an auction
- Where property equity needs to be released quickly on a short term basis
- The property being purchased is not currently suitable for mortgage purposes
- Raising funds for business investment
