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Short term, bridging loans are available to cover many different purposes for which this form of lending is used. The bridging market has grown hugely over the last 5 years, with an ever-increasing number of lenders.
Bridging loans are usually between 3 -24 months in length but there can be exceptions to this. Rates of interest vary on the level of equity provided by the borrower and their personal and or business credit status.
Repayment methods can be either serviced, where the borrower pays interest only, or interest is pre-paid for the full term. If the loan is repaid before maturity, then any interest overpaid is refunded.
Uses of this loan
Loans can be for a very wide number of reasons such as purchasing at auction, buying a property under value, releasing funds quickly to help with inheritance tax bills but, commonly the purchase of property to be re-furbished and then repaid through sale or, by raising buy to let finance to let the property.
Properties being used for security can be for either residential or commercial, and loans can be for first, second or third charge – although the latter is rare. Borrowing can be up to 80% of the property value including interest. We also have access to specialist funding when a property is being bought below market value of up to 100% of the concessionary price.
Try Financial offers the best bridging finance solutions in the UK. Want more details? Get in touch today!