Shawbrook Bridging Loan, Shawbrook Bank is a recently formed challenger bank so called because it was formed after the financial crisis, it offers both retail and commercial financial products to customers throughout the UK, including bridging loans, residential mortgages, commercial mortgages and property development finance, bridging loans are a short-term financial product the is secured against a property either residential or commercial with loans starting at £50,000 with no real upper limit, bridging finance is offered as a percentage of the property value so as long as it meets the lenders lending criteria they will lend up to that value.
Shawbrook Bank Bridging Loans
With a bridging loan interest is quoted as a monthly percentage so at 4% per month you will pay 4% each month for the time the loan is outstanding, and when you redeem the loan the calculation is only based on the actual amount of days that the loan was outstanding, in addition to the interest payment you will also have to pay for a valuation of the property that you intend to offer the lenders for security on your loan, this can be as little as £300 but will increase in accordance with the value of the property you wish to borrow against, as well as this the lender will expect you to cover both yours and their legal fees for preparation of the loan, to cover due diligence and checks against the property for outstanding charges etc, finally you will need to pay the lender a fee for arranging the loan this is 2% of the amount you borrow.
Shawbrook Bank Bridging Loan
As well as Shawbrook bank their are numerous other lenders who offer bridging finance and you should make sure your broker compares all of the lenders as we do, this will ensure you get a loan that is suitable for your circumstances. Bridging loans are non status so even if you have bad credit registered against you it will not affect your ability to obtain finance, furthermore it is easy to apply for a loan unlike a traditional personal loan or mortgage.
What Next about your Bridging Loan?
Contact us to go through all of the options that are available to you can use chat, our web form or give us a call any time day or night and at the weekend. Call Now 0800 138 6001
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