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Bridging Loans can be agreed very quickly you can get a decision in principle within an hour of talking to us, however there are many other factors that determine how long it will actually take to get a Bridging loan, we have completed on loans in a little as 1 week but this would be in exceptional circumstances, below are the main factors that determine how long the loan will take to complete and also how to apply for a loan.
All Bridging Loan Lenders will require a valuation of the property that you intend to offer them as security for the loan, valuations are sometimes carried out by the lender or most usually by a surveyor who the lender will appoint on their behalf, there are two types of valuation one is called a desktop valuation what this basically means is that the surveyor will look at the value of the property on the online portals such as rightmove and zoopla to see how much is being asked for properties similar to yours in the same location, they will also use the houses sold data to come up with a ballpark value, this is the quickest form of valuation and is fine for properties that are not in any way out of the ordinary, however for other properties that say need work on them or are of a high value then the lender would expect a full valuation which would also include a site visit and a full list of comparables for similar properties that have sold, this obviously takes more time than a simple desktop valuation, when you decide to apply for your bridging loan they will tell you which valuation they require and also if they want a full valuation agree a price and also let you choose a surveyor from their agreed panel, when times are busy you should not only look at the price you are being charged but also if you want the loan urgently ask how long it will take for them to do your valuation and confirm it with them, in normal circumstances you would expect a turn around of 7-14 days from the date you instruct them to do the valuation for you.
The valuation is an important factor in how quickly you get your loan as without it the legal work should not begin until you are confident that your valuation comes out at the level you expect it to in order for you to get the loan, if it is under your expectations it could reflect on how much your loan is likely to be.
How Long To Get a Bridging Loan?
The next factor that needs to be taken into account is the legal work carried out by both yours and the lenders solicitors, this is the single most important thing in determining how long it will take to get your loan, the lender will appoint a solicitor to deal with their legal work for which you will be asked to pay for at a pre agreed amount, the thing here is it will be a solicitor that is used to dealing with bridging loans day in day out and they will know that the loan needs to complete quickly, however very often loan applicants will use their own solicitors who are not expert in this type of loan usually they will be a conveyancing one that is used to dealing with mortgage applications which can run in to months and that unfortunately is the pace at which they work, if you want to drawdown your loan as soon as possible you should consider using one that is used to dealing with this type of loan, so we would always advise you to use a specialist, we have a number of bridging solicitors who can help you with this and this gives you the best option to get the loan over the line on time.
Agreement with existing lenders
If you are looking to take a bridging loan out and there's already a loan or mortgage secured against the property you will need to pay that off before the loan can complete, if you want a second charge loan then you will have to get permission from the existing lender for the second charge to be put in place most lenders are agreeable to this but it can take time to get consent sometimes up to 14 days so you need to apply for this consent as soon as you make your application.
So taking the above factors into account we would say that you can complete in as little as 7 days if you already have a valuation and the right solicitors in place, however in the real world you should factor in at least a month for simple loans and it could be as much as two months in a complicated situation. One more factor is the broker lots of brokers do all sorts of finance and loans and are not fully conversant with how to push these loans to get them completed, as specialist we only arrange bridging loans and have done for many years, because of our close relationships with the Bridging companies, valuer's, and solicitors we are best placed to achieve the quickest possible loan for your requirements.
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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