WE SPECIALISE IN RAISING BRIDGING LOANS ON BOTH RESIDENTIAL AND COMMERCIAL PROPERTY
A Bridging Loan is a short term loan secured against property or land. A Bridging loan can be secured in a very short period of time and has a typical term of between 6 to 12 months. Bridging Loans can be used for various purposes.
A common reason to arrange a bridging loan is to buy a property which is not in a mortgageable condition, which is a requirement when buying a property using a standard mortgage. Other situations include buying a property at auction when there is a requirement by the auctioneer for the property purchase to exchange within 28 days.
You can apply for a Bridging Loan in your personal name or in a Limited Company name. You also have the ability to borrow against the value of a self invested personal pension (SIPP).
Once the bridging finance has been agreed, the funds can be drawn down immediately and repaid at any time. The length of the term of a bridging loan will depend on your situation and personal preferences. If the funds are being used to finance a property development then it is a requirement to have a schedule of works for the build and also for you to add in contingency costs in case the plan goes over budget.
Simply Mortgages are members of the Nationals Association of Commercial Finance for Brokers (NACFB). We can arrange short term finance options for clients wishing to borrow between £100,000 to £25 Million.
The maximum loan to value of a bridging loan will depend on the situation:
- Residential – You can use a bridging loan to purchase an onward residential property, without the need to immediately sell your current home. Bridging loans are available up to 75%. If you have additional security available you can fund 100% of the purchase.
- Commercial – If bridging finance is secured with additional security then we can arrange finance for 100% of a commercial purchase.
Simply Mortgages work with various funding partners and lenders as well as private individuals.We have a wealth of knowledge and established relationships with lending partners, this means we will find the right finance for you.
We will work with you to prepare your lending proposal to enable us to obtain the best possible terms for you.
The next step is to contact us on 01772 217917 to discuss your requirements in more detail, alternatively please feel free to send us an email.