Bridging Finance
Short term loan, up to 24 months, secured against property (both residential & commercial) or land. Fees from 0.65% per month. Often used to:
Purchase an property at “Auction” that will be renovated and then either sold or rented out.
Quickly raise funds for personal or business purposes.
Towards buying another Property whilst waiting for the sale of a Frist one to complete.
Key Points to Consider
Lenders will need clarity on the “Exit” – how you will repay this Loan.
Interest generally “rolled-up” – can be added to the “Advance”.
Arrangements Fees around Two per cent (2%) and there may be an “exit Fee” as well.
Terms from 3 months – 18 months- can “revolve” –
Lenders all of U.K. including Northern Ireland.
Comprehensive range of Lenders – both “regulated ( Residential Properties) and un-regulated (Commercial & Land) – rates generally more expensive for “Unregulated Properties).
Quick Turn Around – as long as all the information is to hand.
Both First & Second Charges.
Up to 80% available and rates from .5% per month – depending on the L.T.V.