Bridging loans will be faster in 2016
With all the success of 2015 now put to bed bridging finance is gearing up for a very active 2016. Lenders are determined to build on the year gone by and are promising to reduce completion times even more. A survey of borrowers taken recently stated the ease and speed to complete a deal were paramount, especially in the buy-to-let sector of the business.
Lenders have taken this information on board as they see this as a very important year in the future of bridging. One lender commented “lending went through the roof last year and we want to consolidate this position, we are determined to reduce completion time with the brokers help”.
This is without doubt very good news for the borrower as delays can be very costly. Last year saw a reduction of 15% in completion time, so if this can be improved on it will be a very exciting year ahead for the industry.
General application process
After the initial contact we will assess the type of loan and most cost effective way to move forward by asking basic questions. We will then give an accurate and honest opinion of the completion time plus the costs involved to secure your lending. After acceptance an application form has to be completed, we will give you guidance on how to complete this so as to speed up the process. It is essential to have good contact facilities as communication is key to completing any deal quickly.
As soon as the application form is with the lender a survey will be instructed, in some cases this will be completed on the same day. Once this process is complete and the survey matches the valuation an offer of lending will be issued, this is subject to a sound exit strategy being in place.
Seeking help?
Our advisers are fully trained and skilled in providing you with a fast and professional service to meet all your financing requirements. Please do call us and we will be happy to help.
Bridging for the self-employed
The self-employed work-force in the UK is crucial to the country’s economy and the numbers increase year on year as jobs become sparser. This section of the work-force is in need of specialist lending as many high street banks simply do not want to know. They see this type of lending as far too complicated and high risk and therefore other sources are required.
The vast proportion of the self-employed is unaware that bridging finance can be fully suited to their needs. Bridging is a unique as no income proof is required which makes lending a great deal easier, as long as a valid repayment structure can be shown the deal can be concluded very quickly.
Bridging companies see this sector of the work-force as a very valuable source of business and they will welcome any enquiry they receive. Just contact us to talk over any requirements you may have in the future, we think you will be pleasantly surprised.
Examples of self-employed uses
Purchasing a business premises
Buy-to-let property
Retirement homes
Hotels and guest houses
These are just a very few examples how bridging may be able to help you.
A “clean case” can be completed with the advance ready in a matter of days rather than months other lending institutions offer.
Need help?
With such a huge array of options available to the self-employed borrower it is vital the correct option is chosen. So if you require some help do call one of our fully trained advisers who will be happy to assist.
Bridging uses to expand in 2016
2015 has seen bridging finance reach new heights in lending, including speed efficiency. More and more people see this type of funding to be the way forward due to its flexibility. Lenders have been quick to see the potential and they are introducing new products to fit the growing demands.
This is great news for the borrower as the product range continues to expand and therefore giving wider uses of this type of funding. Next year will see a further lowering of set up fees and it’s likely a reduction in interest rates will follow.
As so many changes are taking place on a rapid scale it is certainly advisable to contact our advisers to see what loans are available to meet your requirements. When speed is “the name of the game” bridging most certainly fits the bill.
Fast commercial bridging
With so many new deals coming onto the market commercial bridging has taken a swift upturn. Traditional high street banks still see this type of business as viable but the length of time it takes to complete can be very frustrating. Bridging can take all the frustration out of such a deal often completing in a matter of days rather than weeks. This then allows the investor breathing space to find the correct funding for the purchase in the longer term.
Commercial bridging is a short term loan usually for 12 months or less, the loan is normally secured against the property you are buying but other options are available subject to suitability.
Looking for help?
Here at Fastest Bridging we pride ourselves on attention to detail and speed of service so if you need assistance please give one of our advisers a call. We have advisers experienced in all areas of this type of funding and look forward to hearing from you.