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Non-Status Bridging Loan & finance
Non-status bridging loans are available, in fact to a degree all bridging loans are non-status, a bridging loan is secured with an asset this means that the loan that you take out is secured against a property or other item of value that the lender places a second or first charge against, this means that if a borrower should default on the loan or not repay as and when the loan falls due then they can take control of the asset to recover the amount of the loan and any accrued interest that is owed so this type of finance is not subject to the normal credit checks that a lender with no security would require.
Non-status bridging finance
Basically, as a non-status loan borrower with bad credit can get a bridging loan when a loan without any security to back it up would not be available to them, non-status means that the lender would not fully rely on the actual borrower to recover the loan but the asset that has been used to secure the loan.
Non-status bridging finance
Borrowers do not have to show any proof of income with the majority of non-status bridging loans, this is because the interest is rolled up into the loan that you draw down and payments of interest do not be made on a monthly basis, as such a lender is not to fussed whether the borrower has enough income to meet the monthly payments from revenue, the exception to this is if a borrower elects to have a larger loan and then make monthly payments as you would with a traditional loan in this instance the loan would not be non-status and the lender would request details of income or another source of funds that the borrower could use to service the interest payments as they fall due.
However, as Non-status bridging Loan is a short-term lending solution most borrowers elect to have their interest rolled up and as such lenders see this as a non-status loan and will not request proof of earnings, rather they rely on the interest being paid when the loan is paid back.
Also with a non-status loan, a lender is not so interested in if the borrower has some bad credit on their file be this a county court judgment, late payments or defaults so these loans are to all intents and purposes non-status.
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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