EXPRESS BRIDGING LOANS

For UK residents, bridging loans can be used for any legal purpose, so long as there is security available in mainland UK. Typical uses include:

Classical bridging for a chain-breaking mortgage

This enables you to purchase a property before you have completed the sale of another. This type of bridging is known as a 'Chain Breaking Mortgage'.

There are two types. Firstly, 'closed bridging', where a property owner has already exchanged on the sale of an existing property and the repayment date is known. Secondly, 'open bridging' is where a sale has fallen through or the property to be sold has not yet been put on the market and so the repayment date is unknown. Express Bridging Loans offer both types.

Buying a property at auction

It is often the case that when you want to fund the purchase of a property from an auction there simply isn't the time to arrange a mortgage as completion may be required in just 28 days. After the auction, long term finance can be arranged to 'redeem' the bridging loan or you may simply be buying the property to sell on in which case the bridging loan would be repaid from the sale of the property.

More buying a property at auction >>>

Buying a property abroad

Funding can be provided for the purchase of properties abroad, be they for your own occupation or for holiday letting/investment purposes. Loans to purchase overseas properties are secured on land and/or property in mainland UK.

Capital raising and other purposes

Examples include temporary funding for the purchase of a 'defective' property, pending completion of repairs and draw down of a long-term mortgage.

This type of situation can occur, for example, when the survey undertaken on a property reveals that underpinning may be required. In this situation the customer would purchase the property via a bridging loan and, once the underpinning had been done, a normal mortgage could be used to repay the bridging loan.

Development Finance

To fund property developments, including conversions and new builds. Bridging funds can be used for the acquisition of the site, with or without planning consent attached, and also for the development and/or conversion costs.

Other uses for bridging loans under this heading might include short term finance, in certain instances, to enable clients to rearrange their finances or a property investment portfolio. Often in these situations speed is of the essence and our solicitor will work with you and your own solicitor to ensure a successful outcome.

Bridging loans can be used for raising capital for any purpose, including business acquisitions, acquiring stock and meeting short term tax liabilities, including VAT and inheritance tax.

A wide variety of property can be financed by bridging loan, including:

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YOUR HOME OR BUSINESS MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.