Short Term Bridging Loans
Short Term Bridging Loan Service
Special features of what we offer include:
- Bridging Loans From £50,000 to £15 million
- Whole of market service - we work directly with UK bridging lenders
- Lowest Rates - Access to leading bridging loan deals
- Exclusive Deals - Access to exclusive bridging loan deals not available on high street
- Fast turnaround - speak to us today if you need to move quickly
- Buying a property at auction? - call us today
To investigate your bridging loan options call our mortgage team on 0117 313 6058 or fill in our call back form.
We can provide bridging loan options and then provide mortgage solutions once the bridging loan is no longer required.
Why Choose Us?
Short Term Bridging Loans
If you are trying to secure some short term finance, perhaps to fund a property purchase while you are waiting for a mortgage application to process or for another property to sell then you may be wondering if short term bridging loans are an option. Bridging loans are in their very nature short term as they are designed to be a stop gap solution while the borrower secures a more long term finance plan or raises capital by other means.
Borrowers use bridge loans for a variety of reasons, such as facilitating a purchase while they are applying for long term finance like a standard or buy to let mortgage, or to purchase property when moving while their current home is still on the market.
About bridging loans
Short term bridging loans can provide a solution to a variety of scenarios where a borrower is waiting on receiving capital from other sources, however as they are only intended to be a short term type of finance and are not typically available from the large high street lenders, but instead are offered by a range of smaller specialist lenders.
Bridging loans are secured loans, so you will need to place an asset that belongs to you such as property or land as security to the lender, this means that failure to meet your repayments can result in the repossession of your security.
Being able to access the best bridging loan rates will depend on your personal circumstances. At Fair Mortgages we can access a wide range of lenders with some of the lowest short term finance rates around.
Bridging loans can be offered on both an open or closed agreement:
- Closed bridging loans – With a closed agreement bridging loan the lender will set a date when the loan must be repaid in full, these are typically used for borrowers who have exchanged contracts but are still waiting for the sale of a property to reach completion.
- Open bridging loans – With an open agreement there is no set date where the loan has to be repaired but as a bridging loan is designed to be a short term finance option it will still need to be repaid within one year.
The application for a bridging loan, is as thorough as you would expect with any secured loan, you will need to provide a summary of the reasons for the loan as well as a clear exit strategy showing how you intend to repay the loan within the stated time frame. The lender will also carry out a credit check and a valuation of the asset being used as security on the loan, they will also consider any existing credit commitments that you have.
If you are thinking about taking out a bridging loan we can help. As a specialist adviser, who offers a whole of market service, will be able to offer you impartial advice as well as use our knowledge of the industry to search across a range of different short term bridging lenders to try and find the most suitable product for your needs.
To contact Fair Mortgages you can fill in the online contact form on this page, alternatively you can call directly on: 0117 313 6058