What is Property Bridging Finance
Property bridging finance is a type of loan that allows the borrower to bridge the gap between the time it takes for their property to be sold and the date they receive their first mortgage payment. The property is usually used as collateral for this loan, which means that if you default on your repayments, your lender can use your home as security to get back any money that’s owed.
How does bridging finance work?
When it comes to bridging finance, what you're doing is taking a short-term loan from a bank and then paying the loan back with money from your business. This allows you to take advantage of lower interest rates on your business's loans.
How much does bridging finance cost?
One of the most common questions first-time buyers ask is how much it will cost to buy a home. The answer can be complicated, but fortunately there are affordable ways for you to get a down payment together.
How To Apply for Bridging Finance
To apply for bridging finance, fill out the appropriate application form. The form will ask you to list all your assets (including bank accounts and stocks) as well as your debts (including student loans and credit cards).
Bridging Finance - How long?
The average transaction time for a bridging loan is about 30 days. However, it can be as short as 15 days or as long as 90 days. Your lender will make their decision based on your credit score and the amount of money you have available to close.
Get in touch with our highly experienced bridging finance team today to discuss your bridging finance requirements, covering all of the UK.
Bridging Rates - Bridging Finance rates available from 0.4% per month.