Bridging Loans

 

Bridging loans allow you the flexibility to buy a house when you haven't yet sold your existing property. Bridging loans can also be used to cover the financial gap between the purchase and sale of other assets as follows:

 

First Charge Bridging Finance

Ideal as short term “chain breaker”, were you haven’t yet sold your property, and need to complete your new property purchase, or need to complete the purchase quickly. Bridging Finance can be used for almost any purpose .


Second Charge Bridging Finance

You may require a short term interest only loan. This can be arranged to raise finance for almost any purpose, and with the knowledge that the capital will be paid in full within 12 months. A second charge bridging facility is often an ideal way of funding a project , such as buying a property abroad, purchasing a business, as your mortgage can remain in place.

 

High Speed Bridging Finance

As the name implies we can provide high-speed bridging facilities which can be completed in 48 working hours. Open and close-ended facilities are available, with deferred payments and terms considered from 1 month to 12 months.


Part Term/ Part Bridging Finance

Is provided where bridging finance is the best option for you in the short term, and then turned into longer term finance when appropriate through a refinancing package.

 

Land Finance


Both first and second charges on any type of land and including land with agricultural restrictions.

 

What can you borrow?

 

Through loanbanana you can arrange bridging finance from £26,000 to £1million in days. Provided your total borrowing does not exceed 80% of the value of the property if you do not have an existing mortgage or other loans against your current house, or your existing mortgage is repaid. If you do have a mortgage, the maximum borrowing is 70% of the value of the property less the outstanding amount owed on your mortgage.

 

To Summarise

  • You want to purchase a new house while getting your current one ready to sell.
  • You want to purchase a holiday home in the UK or Overseas and need to raise finance quickly to put down as a deposit.
  • You've been let down by your current lender or finance company and to secure the property you want.
  • Your chain has fllen through at the very last minute and you run the risk of losing your sale and, or the property you want to buy if you don't complete on the purchase.  
  • The property you want to purchase is currently uninhabitable.
  • You already own property and need to raise some capital quickly.
  • Your lender will not be able to complete in the time frame needed.
  • You have been threatened with repossession.
  • You have been evicted but there is substantial equity in the property

 

 
 

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