Bridging for the self-employed
Over the last six months enquiries from the self-employed sector have increase dramatically. A lot of self-employed are unsure if they are eligible to apply for bridging finance, well the good news is it is not a problem.
The self-employed sector in the UK is constantly increasing in numbers year on year and they are in need of specialist lending. Here at Fastest Bridging a large proportion of our lending is to the self-employed and we look at ourselves as a bit of a specialist in this area. A large proportion of high street lenders just do not want to help this important section of our work force or indeed anybody in a non-standard job. Regular lenders seem to class this category of the work force as just too difficult and high risk.
Bridging lenders are only too pleased to assist with the self-employed needs and offer the ideal solution for short term lending. Just contact us to talk over your needs as we have many sources of financial assistance for this very important sector of the UK work force.
The self-employed are normally associated with shops and other various commercial properties, we have listed below the most popular uses.
Examples of commercial properties that qualify
Shops with a flat above
Restaurants
Retirement homes
Nursing homes
Guest houses & Bed and breakfast
Buy to let properties
Hotels
Need help?
If you require any assistance please do not hesitate to call one of our many trained advisers who will be happy to discuss your needs.
What an increase!
The real value of bridging loans in the UK has increased by a stunning 49% in the year to May according to the latest figures released. The figures show the bridging loan sector is going from strength to strength and shows no sign of slowing down. Here at Fastest Bridging we can confirm the increase in business which we feel is down to the high street Banks taking so long to complete on a loan. Time and time again clients tell us of delays they have experienced in the past with Banks and this is why they are turning to us for help. With the economic situation looking good all forms of alternative lending seem to be forging ahead with bridging in particular leading the way.
We are also very happy to report the cost of Bridging has reduced this year, with interest rates falling and also lower fees. These reductions follow the market trend of mortgages as lenders compete for the business and this spells very good news for the consumer.
Bridging loans have so many uses and are very flexible giving the power to the borrower. When you take into consideration the cost of these so called payday lenders bridging finance has a great deal to offer.
Some general uses of bridging finance
Inheritance tax payments
This is a problem that can arise when a client is left with a property to pay the liability due on an estate. Rather than sell the property bridging can be used until a financial solution can be reached.
Tax liabilities
Bridging is popular when a tax demand is made for a sum that cannot be raised in the timescale given. The loan can be secured against the business premises or other suitable assets.
Speed is essential
Bridging is the perfect for this situation when a short deadline needs to be met.
Like too know more?
Should you require assistance with your next project please call one of our experienced advisers and we will be pleased to help.
Pleased to be able to help
Business in the bridging loan sector has been very steady over the last few months. More investors are looking at this type of funding to secure their deals due to the simplicity and speed of completion. At Fastest Bridging we pride ourselves on the attention to detail and ability to meet deadlines.
Three weeks ago we were contacted by one of our regular clients who planned to attend an auction. He had his eye on a particular property coming under the hammer which was known to him for many years. This property was on the outskirts of Dover in Kent with easy access to the town and an open market value of £450,000. It was perfect for conversion into 4 self-contained flats at a very affordable price. The auction took place as planned and our client secured the property for a very good price of £345,000.
Our client had made us aware of the planned purchase in advance and we were prepared to proceed with the bridging loan. We are very pleased to report the full purchase price was advanced just 8 days later. Our client commented “thanks again guys it is a pleasure working with you, all was completed as planned and on time”. “The conversion is due to start in 7 days and hopefully be completed by the 15th August”.
As we can see this is a very good example of how bridging finance can assist investors to secure their deals at an auction without any fuss. We are now working with the client to secure the mortgage deal to replace the bridging loan and hope to have this in place very shortly.
Can we help you?
If you are contemplating a purchase or need more information how bridging finance could help you please call one of our fully trained advisers. We are here to help and look forward to receiving your call.