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Julie Livingstone

Bridging Loans and finance are a type of funding which can only be secured against a property either a Property that you already own or a property that you intend to buy, because Bridging Loans are based on the loan to value of the property less the amount you want to borrow, then almost anyone can actually can qualify for a loan, the thing here is that it is more a question of does the property you intend to use for security on the loan qualify.

 

As far as the borrower is concerned in order to get a bridging loan a lender will not usually be interested in your earnings unlike a mortgage they are only interested in what the loan to value will be on the property, the only time a lender would ask for proof of funding for the loan would be if you elect to pay interest on a monthly basis and this is to make sure that you have enough income coming into pay the interest and your other expenses, if you elect to have the interest rolled up then no proof of funding is required, what this means is that when you draw down the bridging loan interest is deducted from the loan for the loan period.

 

So lets say you are taking bridging finance of £100,000 with an interest rate payable of 6% per year then the whole of this interest will be taken from the loan before it is paid, so what happens is you get £94,000 as a loan with the £6,000 held on account of the interest that would be due if you are able to pay back the loan after six months then half of the prepaid interest would be given back to you i.e £3,000 with bridging finance you only ever pay interest for the number of days the loan was outstanding for.

 

So basically most people will qualify for a bridging loan because the loan is secured on a house or property, then the borrower is not the main security this means that you would qualify for a loan even with no proof of income or even with county court judgments and defaults a bridging loan can be taken out so your credit history would not be an issue.

 

The main thing is that the property needs to fall into the loan to value offered by lenders this would be in the range of 60-80% of the properties value so on a property worth £200,000 and a loan to value of say 75% you could get a loan of £150,000 this would, of course, be less any outstanding loans or other mortgages you have outstanding our Loan Calculator can help work this out for you.

 

So to recap anyone can really qualify for a bridging loan it does not matter if you have outstanding CC’J, Arrears or defaults on your record a bridging loan is still possible, likewise if you are unemployed or cannot prove your income you can still qualify for bridging finance.

 

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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Gary James

"would recommend  five stars Zara pushed to get the loan over the line 100%  very  experienced and  worked  with me all the way to get completion

"Zara arranged my Bridging Loan with the minimum amount of fuss and was always their to take my call great service  from start to finish"

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