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What can I use a Bridging Loan For? Bridging Loans offer short-term funding for any reason as long as it is legal, typically they are used to Buy Property or to get access to capital in a property when other loans would not be available, the property is used to secure the finance by way of a charge against it this could be either on a first charge or second charge, a first charge loan means the lender offering the loan will secure a first charge against the asset, this means that should they need to repossess to get their money back they are first in line and all other lenders will only be paid out after they have received the amount owing to them, with a second charge it is the other way around the second charge only gets paid after the first charge so this is seen as a more risky proposition for a lender.
Bridging Loans can be used in the following circumstances.
Buying a property.
Often a buyer will need to act quickly to secure a property because they do not have the time that would be needed to obtain a mortgage or it could be that the property needs work on it and a mortgage offer would not be attainable, the loan is used to buy the property before a mortgage is put into place, or if the property needs refurbishment before onward sale or arranging a mortgage when it is in a suitable condition for a mortgage lender, another reason could be that a sale has fallen through in a property chain in this circumstances a Bridging loan could be the only option to reconnect the chain so all of the sales and purchase can complete in time once this has happened then the bridging loan is repaid and a mortgage put in place to replace it.
Auction houses only give you 28 days to complete once the hammer has fallen so a bridging loan becomes the only option, it is used to make the initial purchase and then a long-term mortgage put in place to repay the loan or the property is sold on to redeem the loan, a bridging loan puts you in the same position as a cash buyer which in turn allows access cheaper properties that you could only buy as a cash buyer.
Quick Access to cash
Often people needing access to finance find it difficult when applying for loans it could be that they are self-employed or do not have a good credit history, this is where a bridging loan comes in the loan is secured against a property so normal lending criteria does not apply these are totally non-status loans, so no need to worry about your credit file or proof of income, the loan can be used as you wish with no restrictions these could include business cash flow, repay debts that are pressing or allow access to cash before you actually sell the property at a later date, although most bridging loans need to be repaid with 12-18 months so you should take this into account before taking the loan out.
Property Developers often use bridging finance when developing a property for profit because they are short term it allows them the time and cash to renovate or build the property before onward sale to repay the loan, many smaller developers find this is the only access to funding they they can get and bridging lenders are doing more and more of this type of lending as traditional development lenders do not like the smaller deals and or developers with little or no experience bridging lenders are more than happy to consider these for funding once a developer has a few sales under their belt banks would also offer funding, however bridging lenders are far more flexible in their approach and developers find that the bit easier, they pay in interest is far more advantageous to them also bridging lenders are far quicker in offering loans and also the important thing is completing on them quickly developers often have to compete with other developers and the ability to complete the purchase within a week or days can sway a seller and get a better price for the developers.
So Bridging loans can be used for whatever you want them for buy a property get access to funding if it is for legal purposes it is totally up to you how you spend the money, you just need to bear in mind that it is short-term lending and the lender will want to be repaid at the end of the term otherwise you end up re-bridging the loan or taking a 6 month extension which will incur an extra arrangement fee.
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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