More about Bridging Loans.
• Bridging Loans are normally short term finance for almost any reason.
• Usually bridging a financial gap between two transactions.
• These may be by way of a First or Second Charge on property.
• Sometimes expensive, but specifically designed for a short term advance.
• “Closed Bridging” is where an exit route can be proved to the lender.
• “Open Bridging” does not require a specific exit route, although you must be sure how you will pay off the loan and what timescale will be involved.
• A Second Charge Bridging Loan requires the agreement of the First Charge Mortgagee and a quicker, cheaper solution may well be offered to you after careful consideration of your situation and requirements. We have access to all types of lending and will choose the type of deal and plan that suits you best form the hundreds of lenders open to us.
How could this type of finance be Beneficial?
• Usually quick if a First Charge.
• No Punitive Exit Fees
• Plug a financial gap
• Interest Roll Up facility Available
• Retained Interest available
• Proof of Income not necessary.
• Loans up to 80% available – more than 100% available if other security offered.
What do you need to obtain this form of finance?
• Suitable Property with Useable Equity
• Valuation Fee
• A known Exit Route