Bridging Loans
Bridging loans are loans which are intended as a form of bridging finance for those who are caught in the position of moving from one property to another and have found themselves financially stuck because there has been a delay in securing the money from a house sale. Bridging Loans are available for a whole range of finance requirements and can be on the basis of a 1st , 2nd or even 3rd charge equity release, for any purpose.
Covering all areas of the UK, Northern Ireland, and Scotland, we are able to arrange competitive Bridging Facilities through our network of lenders. Whether it be a licensed premises, office block, land or residential properties, our lenders will look at all types of security.
Bridging Finance is commonly used for the following reasons:
- Purchasing property at auction
- Property refurbishment or conversion
- Chain-breaking mortgage
- Purchasing property where the surveyor recommends a retention
- To help homeowners who have been or are about to be repossessed
- To stop bankruptcy
- When funds are required within days rather than weeks
Applying For A Bridging Loan
With our varied panel of Bridging Finance Lenders we can arrange competitive quotes for our clients and offer a wide range of products to suit all lending requirements. Bridging Finance couldn’t be easier; all you need to do is fill in the simple application form online or you can call Advanced Finance direct and speak to an experienced underwriter who can deal with your request directly, then advanced finance will do the rest for you.
We will keep you updated with any progress on the case all the way through to completion to give you maximum piece of mind that we are doing all we can to get you the best bridging loan possible. Typically, bridging loans start at around the twenty seven thousand pound mark, up to and sometimes exceeding six and half million, read more »
Property considered for security includes residential property like terraced houses, semi detached, detached and apartments, plus houses that are rented out to tenants, commercial properties like retails outlets and office buildings, industrial units like farms and factories and in some cases lenders will also consider foreign or off shore holiday homes or investment properties as a guarantee for your secured loan.
Bridging Finance Applications
Use our enquiry form to have your application sent to a minimum of ten direct lenders to see who offers what. Simply fill it out and we make initial contact for you at no cost to yourself. There are two main types of bridging loan available to a borrower and these consist of open bridging loans and closed bridging loans.
An open bridging loan is a loan for those who are waiting for the completion of a property sale whereas closed bridging loans are loans which are specifically aimed at those who have already exchanged their contracts but are experiencing some form difficulty in terms of actually moving. A bridging loan will typically be taken out over a period of time ranging from a minimum of one year to two or three years maximum and the applicant can choose to either borrow and pay back the whole amount or opt for interest only repayments.
Also, because bridging loans are only intended for the short term the interest rates are normally very competitive and they are much more easily approved than other loan types such as long term mortgages or unsecured loans.
Bridging Loan Information
Finding a good deal on a bridging loan can be hard work for a lot of people because there are so many lenders offering such a wide variation in interest rates and repayment options and this is where we can help you save both time and money. Our friendly advisers are experts when it comes to bridging loans and they can find you the right deal for your particular circumstances in a surprisingly short amount of time. All it takes is a quick phone call and you could be well on your way to getting the best bridging loans deal in less than twenty-four hours.If you already have a bridge in place and are looking to extend the term, or are looking to renew your existing bridge, then there are many plans in the market where we can help you fast track your application through with very little up front cost at all. If you need a product where you do not want us to do a credit search due to you having adverse credit, or you do not have and proof of income, then advise us of your circumstances and we will be able to look at the right lenders that can help you based on your individual needs and preferences.