Bank Of Ireland bridging loans, bank of Ireland is based in Ireland and is one of Ireland's big four lending institutions offering financial products to both business and personal clients, since the financial crisis in 2008 most of the mainstream banks have withdrawn from risky lending, Bridging Loans and finance fall into this category, as such they tend to lend only to existing clients and then only at very low loan to values, however there are many other lenders who have entered this market who will offer funding of this type to borrowers who are not existing clients, loans can be for up to 75% loan to value even 100% if you have additional properties to secure the loan against, loans are also available with bad credit and are on a non status basis and as such they do not require any proof of income rather the loan is secured against the property you are offering as security.
With these specialist lenders interest rates are more than competitive against high street lenders and the terms on offer more flexible, furthermore a decision can be obtained in a matter of hours rather than going through the box ticking exercise with a high street bank.
Costs will include interest from as little as 4% per month, legal fees for both the bank and yourself, and an arrangement fee which is usually 2% of the loan value, these loans are quick and can be drawn down in as little as one week from application.
With over 80 lenders it pays to compare all bridging loans to ensure you have the best rates and deals that are available for your circumstances, typically a bridging loan is used to purchase a property quickly, repair a broken property chain or to access capital in a property that you already own, the application is very simple and an offer of funding can be obtained on the same day, bridging loans start at £30,000 and their is no upper amount that can be borrowed
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