Bridging Loans
Bridging loans are specialist loans which are intended as a convenient form of bridging finance for those who have found themselves in temporarily awkward financial situations or require an extra degree of flexibility in terms of releasing secured equity from their assets. Bridging loans are more risky to the bridging loan company who lend the money to the customer applying for bridging finance so results in a higher interest rate for the individual taking out the bridging loan. Bridging loans are known so because of their characteristic feature of bridging deficiencies of finance. Bridging loans are available to people with bad credit as well. Bridging loans are secured loans and for that you will have to place your property as security. Bridging loans are different from the other loans because of the swiftness with which they are approved. Bridging loans are available for all types of clients, from limited companies to individuals; from those with excellent credit status to those who have found it difficult to obtain mortgages and loans, including businesses, self-employed and those with a poor credit history.
 Loan can be up to 75% of open market valuation |
| Interest rates starting from 1% per month |
| No minimum loan period |
| Able to offer Bridging Loans in Northern Ireland |
| No exit fees* |
Commercial bridging loans are available for a whole range of finance requirements and can be on the basis of a 1st , 2nd or even 3rd charge equity release, for any purpose. Commercial & semi-commercial properties, residential properties, retail shops, auction properties & development sites, land with planning permission, buy to let properties etc can be used as a collateral or security for a bridging loan. commercial Bridging Loans can be used either for commercial or personal reasons. Commercial Bridging Loans are usually interest only meaning that the borrower pays only the interest on the loan each month.
Open bridging loans are meant for people who want to purchase a new home but have not sold the existing one. Closed bridging loans are for situations where terms and conditions regarding sale and purchase of property have been finalized but its not been completed yet. It is believed that bridging loans are the best financial solution for the individuals. The bridging loans are secured in nature. Interest rates on bridging loans are usually worked out on a monthly basis, with an average rate being about 1.4%.
* In rare occasions, we have to consider this option.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
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NOTE: the majority of our clients will receive a rate lower than the above. Your financial rate will depend on your personal circumstances.
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