Who Can Get A Bridging Loan?

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.

 

 

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 0800 138 6001 any time day or night and at the weekend.

Bridging Loan & Finance Specialists

 

Always here to talk anytime 24/7

 

No Broker Fees Ever

 

FCA Regulated Firm

Helping our Clients get finance want

 

Excellent 5 star client reviews

 

Open and Honest always

 

No Broker Fees ever

Bridging Loan.co.uk is a trading name of Top 10 finance Ltd is authorised by The Financial Conduct Authority (FCA) no 725234 The FCA   Think Carefully before securing debts against your home. Your property could be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. We are registered and comply with the Data Protection Act (1998). Registration No: Z2861884 Company registered in England number 06261373.  Privacy Policy

Homepage   Bridging Loan Calculators   What Is A Bridging Loan   Barclays Bridging Loan   TSB Bridging Loan   Do I Qualify    How Much    Repay Loan    How Long   Bridging Interest Rates   Bad Credit Loans   Proof Of Income   Bridging Loan Uses   Property Types    Limited Companies   Bridging Finance   Natwest Bridging Loan Rates   Santander Bridging Loan   HSBC Bridging Loans   Lloyds Bridging   Nationwide Bridging Finance    RBS Bridging Loans   Halifax Bridging Loans    What Risks   Bridging Loan Companies   Non Status Loan   How To Apply   Bridging Loan With Mortgage   Open Bridging Loan   Closed Bridging Loan   Bank Of Ireland    Clydesdale Bank Bridging  Together Bridging  Shawbrook Bridging