You have a problem you cannot sell your current house fast enough and you need to make the next step. That is often the usual starting point of a bridging loan. It could be because a chain has fallen through and you still need to proceed so you have to cover a short-fall cost to hold the gap, or you need to invest in the property to sort out an issue that keeps the sale in action.
A short-term loan for property buyers, a bridging loan ‘bridges the gap’ between funds from incoming funds from a property sale and outgoing funds for a property purchase.
There are two types of bridging loan:
Fixed rate – the same rate of interest is applicable for the full term, so monthly repayments will remain the same Variable rate – subject to interest fluctuation, meaning monthly repayments can decrease or increase
Get the right finance for your business needs from experts that take the time to understand your business.
Let us help you pick the right option and understand all the angles that can be beneficial to you minus the stress
Typically terms up to 12 months but can be up to 3 years.
Cost: Interest rates are usually higher than traditional term loans (plus typically a 2% arrangement fee)
No Obligation.
Bridging loans have much higher interest rates than residential mortgages. The administration fees are also considerably higher, which should be taken into account when arranging the required finances.
You're ready to grow!
Money can be sent to your account within 24 hours once documents are confirmed complete