Bridging rates reducing
A recent survey of lenders has shown bridging loan interest rates are decreasing, this is due to the competition within this fast growing market. Lenders are keen to secure business and this is driving rates and fees downwards. More lenders are finding ways of attracting business and this is often reflected in the charges, which means it is worth shopping around for the most favourable deal.
It’s a good time to be a borrower at present with such low rates on offer plus deals are completing much faster. Bridging finance has a vast array of uses and is very simple to arrange.
Speed of completion
2015 has seen a significant reduction in the time it takes to complete on a case, again more good news for the borrower. To complete a case rapidly lenders will need all parties pulling together in the same direction. After the application is complete a survey is then instructed and this could all be done within 24 hours. On average a lender estimates to complete on a “clean case” within 7 days and on some occasions even quicker.
Here at Fastest Bridging we believe in keeping you updated on a regular basis, so as to keep you in the picture.
Need to know more?
If you are looking for more information regarding bridging finance please do call one of our fully trained advisers. We are here to help and look forward to your call.
Bridging Loans Increase
The number of loan applications increased by nearly 17.5% in the quarter ending March 2015 compared to the Q4 ending December 2014. April has also been a very busy month as well here at Fastest Bridging with our regular clients expressing a need to complete deals as quickly as possible. One of our clients told us “it seems to me banks are currently taking longer than ever before to advance funding” this is probably due to increased administration which has recently been introduced.
We are happy to report our recent survey showed a “clean case” with all parties pulling together completes on average within 9 days.
Bridging loan uses
Bridging loans have a vast array of uses and seem to be increasing all the time. The most popular currently are buy-to-let funding, buying at auction, and general commercial uses.
The trend this financial year has seen this form of funding completing faster than ever before as competition heats up in the market place. This is of course great news for the borrower and the seller alike.
Bridging companies are building on their current success with new products being released all the time to make it easier for the borrower. These are very progressive times for bridging finance with new and existing borrowers reaping the rewards.
Years ago bridging finance was seen as a very expensive form of funding but now we are happy to report things are changing and the right deal is not so costly if used correctly.
Like too know more?
Our advisers are fully trained and skilled in all areas of bridging finance so please do call us to discuss any requirements you may have.
Bridging and buy-to-let
March and April this year has seen a large increase of borrowing for the buy-to-let investor. Here at Fastest Bridging we have seen a marked increase in bridging loans for this market area especially with clients increasing their portfolios.
Suitable properties for this market are becoming hard to find and investors need to act quickly to secure the property they have sourced. One of our regular clients told us “you have to act with speed when you find the right property and bridging fits the bill”
Bridging is seen to be expensive but clients are becoming more aware to the advantages this type of financing offers especially when speed is essential.
Properties for the buy-to-let market are in high demand due to a large number of new investors entering this market place. The new pension regulations came into force this April which has created a new silver landlord. All these factors added together is creating a shortage of suitable buy-to-let properties for sale. This in turn is beginning to drive up prices of the lower end market properties and no doubt in time will lead to increased rents.
Why Bridging?
- Very fast completions (Clean case can be just 7 days)
- Negotiate lower price of the property
- Breathing space to find the right mortgage to suit you
- Open bridge (No fixed repayment date)
- Closed bridge (Fixed repayment date known)
- No proof of income
Need help?
If you require any assistance please do not hesitate to contact one of our experienced advisers.