"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
So Who Can Get A Bridging Loan, A bridging loan is typically used during a property buying process. They effectively bridge a gap when buyers need funds to secure a new home before they have sold their current house, or they are used as collateral for short term loans of up to twenty-four months
A classic example is when buyers pull out of a sale or if the property chain collapses. Without the funds from the sale of your house, you risk losing your dream home.
Bridging loans are also beneficial to property developers and landlords that are undertaking a renovation project. Property that is purchased at auction also requires an immediate deposit and payment in full within 28 days.
Traditional mortgage lenders take between three to six months to authorise a loan. Bridging finance can be signed off in three weeks at the most. These loans are, therefore, an ideal solution to buy property on a tight deadline, or get a development project underway rather than using long term funding.
Lending Requirements For A Bridging Loan?
Bridging loans are designed to be flexible and convenient. However, there are certain criteria that have to be met before a lending facility approves an application.
The main criteria are that you have assets that match the value of the bridging finance. In some circumstances, this may also include borrowers that already have an outstanding mortgage and that the properties stack up on valuation lenders will normally go up to 75% on the loan to value although more can be achieved if you have collateral in another property
Lending requirements will differ between loan companies. The general rule is that you will need at least 35% equity in the property you own.
If you do not have sufficient equity on your current property, the alternative solution is for the lender to use your current home and part of the property you are purchasing as security.
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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"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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