EXPRESS BRIDGING LOANS

What can your bridging loans be used for?

Any purpose; including the straightforward purchase of a new house for own occupation, purchase of an investment property, refinance pending a sale or long term re-mortgage, capital raising etc. The only requirement is that the loan is short-term (up to 12 months) and there must be a proposed exit route (typically a sale or re-mortgage).

What security do you require?

We require a first charge on a residential property situated in mainland England, Wales or Scotland. In some cases we may also take a charge (first or second) over a second property; for example, in the case of a purchase where there is a related sale we will usually take a first charge on one of the properties and a second charge on the other (assuming that there is, or will be, a first mortgage outstanding)

How long can I borrow the money for?

For a maximum period of 12 months. In the majority of cases, there is no minimum period.

When I can expect to receive the funds?

It is possible for funds to be available within as little as 5 working days from your initial application

What is your maximum loan to value?

We will lend up to 75% of the property’s Market Value, on a first mortgage basis, this could in theory be more than the actual purchase price.

What is the difference between ‘closed’ and ‘open ended’ bridging?

A ‘closed’ bridge is where the repayment source of the loan is already in place, but the timing of it is such that the funds will not be available in time to meet the immediate funding requirement e.g. where contracts have been exchanged on the property being sold, but the completion date of the sale is beyond the date that funds are required to purchase the new property.

An ‘open ended’ bridge is where the intended repayment source is known, but is not guaranteed e.g. in the example given above the property being sold may be on the market, but with no buyer in place and therefore the date of sale will be unknown.

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Do I need to prove my income?

Not always, we have true self certification products available for bridging loans and commercial mortgages. This means you do not have to prove your income.

Do I need to make regular monthly payments?

Not always, as we can add all interest and payments to the account, which will then be cleared on redemption.

Do I have to pay fees upfront?

The only charges from the outset will be valuation costs and occasionally solicitor undertakings. This depends on the type of loan or mortgage you want.

Will you be able to help me after my initial bridging loan?

Yes, we can arrange longer term facilities for you, if required.

How much can I borrow as a bridging loan?

Our bridging loans are typically from £27,000 to £1 Million. We may also consider bridging loans outside of this range - please contact us if you would care to discuss a specific situation.

What are the charges on Bridging Loans?

Our typical interest rates range from 1. % per month to 1.95% per month for bridging loans.

What are the penalties if I pay back the bridging loan earlier than agreed?

We offer complete flexibility in our loan terms. Unlike other Companies, you decide upon the bridging loan term but you are always able to extend the period to suit your own circumstances. You will only pay for the period of interest that you use.

What security is required for me to get a bridging loan?

A First Legal charge or Second Legal Charge on the property provided as security for your quick bridging loan.

What is a Second Legal Charge for your bridging loan?

If you own a property with an existing mortgage, we are still able to consider a quick bridging loan whilst your current mortgage is in place. You will not have to repay your existing loan. This is known as Second Charge Lending.

What is the level of advance that you are prepared to offer for the bridging loans?

Typically, we are able to consider advancing up to 75% of the value of any acceptable security, to provide you with a bridging loan.

What happens if my property is already mortgaged, how much more can I borrow?

The level of 75% is still available but your existing mortgage will have to be deducted from this amount for your bridging loan.

Do you lend to individuals with impaired credit?

We lend to individuals with a poor credit history. We will accept applications from an individual with CCJ's.

Are there any cases that you will not accept for bridging loans?

We will not lend to Bankrupts, however there are opportunities for you to involve us in your negotiations for discharge with your Trustee or Official Receiver.

What types of property are acceptable as security for bridging loans?

We will accept standard residential and commercial property as securities on short term loans.

What should I do if I have been refused by another Lender as my security is not conventional?

We are able to take an entrepreneurial view. Contact us with your enquiry even if you property is "out of the norm" to get a quick bridging loan

Can I make capital reductions?

Yes, at any time. This will reduce the balance outstanding as well as your monthly repayments.

Can I convert my bridging loan into a longer term loan?

Yes. We are closely associated with companies that specialise in long term loans and mortgages.

Can I use security which I do not own for my bridging loan?

Yes. However, the property owner must be party to the bridging loan.

Do I need a solicitor?

No. However, we recommend customers seek independent legal advice prior to completion.

Do you lend to Limited Companies?

Yes

Enquire about a bridging loan >>>

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