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A Closed Bridging Loan & Finance Explained.

So what is a What is a Closed Bridging Loan? With a closed bridging loan, you will agree to a date for the money to be repaid with the finance company. Closed contracts are the most popular option because they give you a target date for the completion of the loan this  is normally set at 12 months although they can be as long as 24 months and as little as 1 month although as you will be relying on selling a property to redeem the loan you should always consider the longest period you can this gives you plenty of breathing space if the sale does not go to plan, also with a closed bridging loan lenders are not so fussed about you have to demonstrate that you have sufficient income to cover the interest as it is paid only when the loan is paid back.


Bridging finance companies prefer to give you a loan if the contracts have already been exchanged on your house. Very few sales fall through after the exchange of contracts so there is less risk of the borrower missing the exit date or defaulting altogether although they are also more than happy to offer a loan as long as the property is being actively marketed at a realistic sale price.


It is also possible to estimate when the sale of your house will go to completion. With this knowledge to hand you can agree to a date that gives you ample time for the sale to be agreed and complete.


For example, if you expect the sale of your house to complete in two weeks, you may feel confident you can settle the bridging loan in a month. If you would rather give yourself more breathing space, an exit date in two or three months along the line would be the better option although most bridging loans are taken for 12 months to allow for any unexpected delays.


Closed bridging loans have lower rates of income than open-term contracts because the lender knows when they can expect repayment to be made. There is less risk for the lender if they know you have already exchanged contracts, open bridging loans do not have an agreed payment date and as such the lender will not offer interest rates at competitive rates to take the extra risk of not having a confirmed date for repayment of the loan, you should note that the vast majority of bridging finance is on a closed basis.



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.










Julie Livingstone

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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What is a Closed Bridging Loan? This type of finance can be both open and closed loans, with a set date for repayment or left open.

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