If you need finance quickly and are unable to arrange long-term mortgage finance immediately or need to repair your credit rating before applying for long term finance then short-term Bridging Finance might be the answer. Bridging Finance is a short-term loan secured against residential or commercial property and can be used to purchase or refinance. The loan is repaid once the property is sold or refinanced with a long-term lender.
A bridging loan is usually taken out to solve a temporary cash shortfall that may arise when buying a property or business, or perhaps paying for a renovation.
In respect of housing finance, they are typically used to finance a second property before the customer has sold the first.
Terms range from 1 month up to 36 months dependent upon project and rationale.
Many lenders will accept applications on a limited status basis viewing the main source of repayment being the sale or re finance of the property.
Underwriting of bridging loans is generally similar to the process for any mortgage in that applicants must undergo underwriting to become approved for a loan. Underwriters will consider the personal covenants of the prospective borrowers and the value of the security. The lender has to balance the risk of the loan not being paid, or not being able to realise the security with the interest rate charged. We can accept applicants with current and historic credit issues.
We would be delighted to assist you with your requirements. For a no obligation chat and indication of what we may be able to achieve.
Please call us on 0330 058 3981 or email mail us email@example.com