 Bridging
Finance
Bridging finance, also known as a bridging loan or bridging loans - a short term
finance method with loans available between 1 and 12 months on shops, offices,
hotels, industrial units, land and development etc ... with a loan to value of 75%.
Applications welcome from non status bridging finance applicants - all adverse credit is considered and a minimum of information is required to complete a bridging loan.
 ANY PROPERTY USED AS SECURITY - WHICH MAY INCLUDE YOUR HOME - MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE ...
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Bridging Loans Overview
Commercial Loans 24-7.co.uk also operate in the short term lending market offering bridging finance in the way of bridging loans for any purpose.
The bridging loan application process is simple and all the following will be considered:
- Individuals & Companies
- CCJ's
- Arrears / Late Payments
- Discharged Bankrupts
- IVA's
- Self Employed (No Accounts)
Flexible and fast reliable bridging finance with instant decisions and quick turnarounds - security is required on a short term loan.
Bridge Loan Financing Explained
A bridging loan is a form of finance that is usually taken out to solve a temporary cash shortfall which may arise when buying a property or business or perhaps, paying for a renovation.
A typical example of when you may need a bridging loan would be if you wanted to buy a second property before you have sold your first establishment.
You may need the facility of bridging finance if you are buying a property at auction - if you purchase a shop, house, offices or other business premises or land at auction, either for your own occupation or as an investment, you MUST complete within 28 days.
As an auction purchase is more risky for the lender than the more usual house buyers loan, bridging loans are more expensive and you should be aiming to repay them within a shorter term ... for example, within approx. 6 months.
Depending on the lender sourced, bridging loans can be obtained for self employed applicants and people with bad credit and adverse credit - those people who have traditionally found it more and more difficult to obtain credit, whether it be in the form of a mortgage or loan, will be considered for bridging finance.
How Bridge Loans Works
In the case of buying property, a bridging loan is normally secured by getting a mortgage on the NEW property and taking out a second mortgage on the property being sold - in this case, the loan will depend on a positive valuation of the relevant properties.
Bridging finance can provide fast access to funding with the minimum of formalities - bridging loan finance can be used in a number of different circumstances. For example, refurbishment - buying dilapidated properties and then renovating and selling them in a short space of time.
One of the most common uses is when people buy a new property BEFORE their present one is sold - a "bridge" is created, this is a "bridging loan" as it bridges the gap between the two transactions. |
