Bridging Loans

These are usually short term loans mostly for Property Development development situations both Commercial and Residential, secured on the Property.A bridge can provide the Client with fast access to funding with the minimum of formalities and is eventually settled by a remortgage or from the proceeds earned by taking out the bridge.

When can it be used ?
Contrary to popular belief,they can be used in a number of different circumstances such as refurbishment - buying dilapidated properties and then renovating and selling them in a short space of time.Assisting clients with impaired credit,acting as the clearing agent,giving the client a clean track record to aid in a long term remortgage,although one of the most common is still for people buying a property before the present one is sold - "a bridge".
LTV's generally go up to approx 85%.100% of purchase price can be obtained with additional security.Where a short term loan is required for other purposes this can be arranged provided security is accepted.Interest rates are high,ranging from 0.75 % per month to 3% per month ,depending on the situation,risk element etc.We have one particular lender who states -" No early redemption charges or exit fee,no minimum term, and legal fees are charged at a flate rate as opposed to a percentage of the advance.Interest is calculated on a daily basis and paid monthly with roll up facilities also available.Borrowers will only pay for the period that they have the bridging loan."

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