HSBC Bridging Loan When properties become available on the market for a good price, or you find your dream home before you have a buyer for your existing property, Bridging Finance from HSBC can provide a solution standard home loans cannot, however usually HSBC Bridging loans will only be approved if you are an existing customer of the bank, if not it would be highly unlikely that they would make an offer of bridging finance to you, however, this is not the end of the world because there are many more lenders who do offer loans to non customers, some lenders do offer a calculator but we failed to find an HSBC Bridging Loan Calculator.
Bridging loans are approved quickly, typically within three weeks. HSBC bridging loans can take as little as 3-7 days, allowing you to make your move quickly and secure the property you want to purchase.
In order to land the property you most want, you have to move fast. It can take anywhere between three to six months for high-street banks to organize a loan or mortgage. If you take the connectional route, your ideal property will have gone by the time a loan is approved.
Providing you have an existing property or a portfolio of properties that can be used as security against the loan, HSBC can approve your loan agreement quickly and provide you with the flexibility to organise your transactions and achieve your goal.
How Can You Get An HSBC Bridging Loan?
HSBC offer bridging loans that can be secured against a variety of properties. The types of properties that HSBC accept as collateral include residential housing and commercial property, however residential is always the much much-preferred security not just from HSBC many other lenders also have a leaning to residential as the preferred choice.
The only condition HSBC could ask for is that the property has sufficient equity to cover the cost of the loan plus the interest. Equity should be at least 50-60% however other lenders can go as high as 100% of the property value with additional security although typically a loan would be in the 60-80% bracket.
Bridging finance is from £25,000 up to £15m. Properties with an 80% LTV (Loan to Value) ratio are available as a 1st charge whilst loans against properties with a 65% LTV are available on a 2nd charge.
UK Bridging can help borrowers secure a bridging loan with HSBC but also have many other options if you need to borrow more or get a higher loan to value for your loan.
If you are purchasing a new house but have not sold your existing property, a bridging loan can help you secure your dream home before it is snapped up by another buyer. We present you as cash buyers which open the door to better deals from prospective sellers.
Property developers and landlords looking to purchase distressed property for renovation, repossessions and auction sales that require payment in full in less than 30 days, may be eligible for a bridging loan with HSBC.
Businesses may also be able to secure a bridging loan providing you have sufficient assets that can be used as collateral. The type of security HSBC look for includes business premises, machinery and other assets that cover the cost of the loan should you default on payment.
In addition to residential and commercial properties, HSBC will also accept land as security against short-term finance. Property owners with a strong portfolio can access larger loans and enable you to expand your existing portfolio.
Costs of HSBC Bridging Loans
The interest rates on Bridging Finance from HSBC vary depending on the amount you borrow, the term of the loan agreement and promotional offers HSBC have from time to time.
Interest is charged on an incremental monthly basis. Borrowers can take out a bridging loan from 1-12 months. At the end of the loan agreement, the contract can be converted into a standard residential or commercial mortgage.
HSBC also charge a setup fee of 1-2% of the loan amount together with legal fees and the cost of an evaluation and surveys.
UK Bridging Loans offer a FREE Bridging Loan Calculator and can help you estimate how much a bridging loan with HSBC will cost. We can also compare HSBC bridging loans with other packages on the market.
How UK Bridging Loans Can Help
If you are contemplating approaching HSBC about a bridging loan, UK Bridging Loans can help prepare your application and get you the best deal on offer.
HSBC is only one of many bridging loan providers. We also have access to hundreds of other lenders that may provide you with better financing options
UK Bridging Loans are one of the UK’S leading bridging loan brokers and can search all of the loans on the market to source the perfect deal for your circumstances.
Contact us now to discuss your proposal and we can assure you of the very best advice and service, call us now 0800 138 6001 or use the contact form on this page to compare loans.
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