Self Employed and bridging finance
At fastest bridging we are often asked if it is possible to lend to the self-employed. Well the answer to this is yes lenders are happy to advance loans were as banks would say no.
The self-employed work force will know only too well how difficult it can be to raise funds or indeed secure a mortgage. Good news is bridging finance could be a short term solution and it’s not as expensive as some think.
Securing bridging finance for a project can be done very easily and quickly plus it is not a requirement to prove income. This facility used to be known as self-certification of income. Lenders now simply deduct the loan interest payable from the sum being borrowed. This means there are no monthly payments to make and therefore the lender has no need to confirm income levels.
Bridging finance is becoming ever more popular with the self-employed as they see this form of funding quick, efficient and cost effective. Over the last 6 months we have secured deals for the self-employed for a variety of reasons and we are pleased to say a “clean” case completes within 7 days on average.
Common uses of bridging
- Purchase of residential property
- Purchase of commercial property
- Purchase of building land
- Raising capital to pay taxes
- Buying a property at auction
- Inheritance tax planning
Can we help?
If you need some assistance or require advice please do call one of our fully trained advisers. We are here to help and look forward to being of assistance.
Commercial bridging finance growing fast
More and more investors are looking to bridging finance to secure their next or first commercial property. Since the turn of the year we at Fastest Bridging have seen a 21% increase in this type of business.
Clients turn to bridging loans for the purchase as a traditional high street bank is taking longer than ever before. The majority of client we speak to tell us “banks just want far too long to put the deal together and this puts the deal at risk”. In our experience a “clean” case can be completed very quickly indeed with all parties pulling together it is not unusual to complete in just 5 days.
Commercial bridging is a short term loan usually for 12 months or less, which can be used against the purchase of a commercial property. The loan is normally secured against the property you are buying but other options do exist. Due to a great deal of new products coming on line this type of funding is becoming more flexible by the day.
The lender will want to see a clear repayment structure in place
Examples of commercial properties
- Shops with a flat above
- Restaurants
- Retirement homes
- Nursing homes
- Guest houses & Bed and breakfast
- Office buildings
- Buy to let properties
- Commercial industrial units
- Hotels
Need some advice?
At Fastest Bridging we pride ourselves on the service we provide so if you need any help or guidance please do call us. One of our expert advisers will be on hand to deal with your request so we look forward to hearing from you.
Lending and sales increase
It is no secret that there has been a big upturn in the property market in the last 12 months. Every month for the last 10 months figures from the Bank of England have reported large increases in both lending and property sales.
This has filtered through to bridging finance and commercial lending in a very big way right across the United Kingdom. Reports are showing short term lending is up a massive 34% on this time last year and we can confirm this at Fastest Bridging.
Demand for this type of funding is highest in London and the surrounding areas, but we have also seen the demand growing across the whole of the country and particularly Wales.
The majority of the demand is coming from the developers looking to increase their property portfolios as rates are so attractive at present. We have also seen a big increase in demand for redevelopment funding as landlord look to upgrade existing properties.
As we all know property prices are rising daily and many investors see the necessity to act quickly on a purchase. The general feeling among property developers is to secure the deal as fast as possible and of course this is where bridging finance comes into its own.
Not many mainstream lenders can turn a deal around as quickly as the investor would like and more than often not even prepared to look at this type of loan.
Bridging finance is unique as each individual case will be assessed on its merits and if it is a “clean” case finance can be ready in days rather than weeks.
Looking to find out more?
At Fastest Bridging we pride ourselves on the service we provide so if you need any help or guidance please do call us. One of our expert advisers will be on hand to deal with your request so we look forward to hearing from you.