Bridging Finance

Bridging Finance is a type of finance that is taken out against a property to release equity, or it can be used to make a purchase of a property if you have yet to sell yours. It can be used for either commercial, Residential or mixed property.

There are currently over 100 lenders who offer bridging finance, sometimes the High street banks will offer loans but usually, this is not the case. This leaves specialist lenders who moved into the market when the high street lenders abandoned the marketplace.

One good thing about Bridging Finance is that it is available as a non-status loan and lenders are not that fussy about bad credit they consider that they are lending against the property its self, although it is you taking out the loan if you were to default they would simply sell the property to recoup their money. What is more very often if you have a poor credit score then bridge loan financing could be your only option.

Bridging Finance Criteria

Below is a list the criteria that would be acceptable for a bridging loan, bear in mind that many lenders will look at highly unusual circumstances in a addition to those listed.

• Property Types Residential, Commercial and also Mixed use.

• Land of all types with or without planning consent.

• Bridging Finance is available from £25,000 with no Maximum Loan.

• Loans are available on a first or second charge only.

• Loans are available to Individuals, LLP & Ltd Companies.

• Proof of your income is not required.

• No employment details are required loans are in effect non status.

• Aged 18 + with no upper age restrictions.

• Bridging is from 1 week up to a maximum of 24 months.

• Up to 75% Loan to Value is available on the first property.

• You can get up to 100% by using both properties.

• CCJ’s and defaults are acceptable to most lenders.

• No Brokers fees or any fees apart from when you instruct a valuation.

• You can use your bridging finance for whatever you want to.