When you need short term finance
A bridging loan is a short-term loan (usually up to 12 months) secured against an existing property or a property to be purchased. Bridging loans are available on a ‘status’ (income must be proved) or self-certification basis (no proof of income required).
Bridging loans are a very fast and flexible method of raising finance.
There are two main types of bridging loan: the 'closed' bridge and the 'open' bridge.
A ‘closed’ bridge is only available to homebuyers who have a mortgage offer in place for a property purchase or a signed contract in place for a property sale.
An 'open' bridge is available to homebuyers who have found their desired property but may not have put their existing home on the market or are stuck in a chain and unable to complete on the sale.
Bridging can also be used for many other purposes – the following are typical bridging scenarios:
"...a very fast and flexible method of raising finance."
Bridging finance is available on both a residential (to 75/80% loan to value) and commercial basis (65/70% loan to value).
Call now on 01392 927327 or contact us for more information.
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