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 need to secure some short term finance, then a short term bridging loan may be a good option for you. A short term bridging loan is a loan specifically designed for short term usage. It may provide a significant amount of money and help ‘bridge’ the gap until longer term finance is in place.
You may be able to use a bridging loan in a variety of different scenarios such as:
- Buying a property at auction
- Purchasing a property before your existing home sells
- Putting a deposit down for a second property
- Refurbishing your residential home
- Investing in a commercial property such as a buy to let
- Relieving Cash flow issues
About bridging loans
Bridging loans are not often found on the high street or on comparison websites; typically, bridging loans are offered by specialist lenders.
Bridging loans are a type of secured loan. This means that you will only be able to access a bridging loan if you have an asset to secure such as a property. It should be noted that failure to meet repayments of the bridging loan can result in repossession of your asset.
Features of a short term bridging loan
Short term bridging loans often come with the option to ‘roll-up’ interest to pay at the end of the term of finance. This may be an attractive feature, as it allows borrowers to avoid monthly interest repayments and enables them to focus the bridge on their financial needs.
In order to access a short term bridging loan, you will need a clear exit strategy. An exit strategy is the method you intend to use to repay the loan. An example of an exit strategy is where a borrower repays the bridge with the proceeds of the sale of their existing property. The requirement for an exit strategy can provide peace of mind to both the borrower and the lender.
Bridging loan applications
Bridging loan lenders have a more straightforward application process than traditional lenders. Unlike traditional lenders, such as high street banks, bridging loan lenders may be able to provide the finance you need within 7 working days.
In addition, where traditional lenders require a plethora of documents to support your application and satisfy affordability, bridging loan lenders are only concerned with your ability to repay the loan; hence the need for a clear exit strategy.
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.
Bridging loans are rarely available to the general public and are not often featured on comparison websites; therefore, it can be difficult to find a bridging loan that suits your set of circumstances. Unless you have an in-depth knowledge of the financial services industry, it is advisable to contact a professional adviser.
Our client wanted to move nearer to one of her children due to being recently widowed. She had found a new, smaller property and wanted to move as soon as possible. Trying to manage the sale of a current home while also purchasing a new one is stressful.
Bridging finance can be particularly useful in this kind of case, as it grants the borrower flexibility. By being in the financial position to purchase a new home immediately, there is no fear of losing a perfect home to another buyer.
Additionally, the flexibility of bridging finance in this situation means that the borrower is able to move in to their new home when they need to. They aren’t tied in to a situation where they have to move out of their old home or move in to their new one by a certain date.
While our client had already found her new property, she had not yet put her old home up for sale but realistically she needed to buy the new property before selling the 3 bedroom detached house which she then lived in. By using bridging finance, held on both properties, she was able to borrow £196K for 9 months which meant she could proceed with the lowest amount of disruption.
If you need a short term bridging loan then we can help. Contact Fair Mortgages on 0117 313 6058 or fill in the online contact form on this page.