Could a Bridging Loan help you?

This type of loan could be very useful if you need to borrow money on a short term basis.

A bridging loan is normally used to fund a house purchase while you are waiting for the sale of your existing property. Also you may be buying a property at an auction and you need to put a deposit down when the deal is done.

Arranging this type of loan is normally very quick between 7 to 10 days is average.

Types of Bridging Loans

Closed

This is a loan which has a fixed repayment date, normally recommended if you have already exchanged contracts and you are waiting for a sale to complete.

Open

With this loan there is no fixed date of repayment the lender will usually expect repayment within one year but this does vary.

The lender will want to see a clear repayment structure in place this could be equity in a property sale or taking out a mortgage.

Getting advice

It is always recommended to contact us directly to discuss your loan requirements. It may well be you will not need a bridging loan as a re-mortgage or mortgage will meet your needs.