Bridging loans are completing even faster

This year has seen a significant decrease in completion time for bridging loans which is indeed great news for the borrower. Lenders have seen their market share grow at a rapid rate as more clients need to complete their financing quicker than the traditional methods on offer, time is money!!

This is very good news for borrowers as delays can cost money. We at Fastest Bridging have seen a 25% reduction in completion time since the start of the year and lenders are looking at ways to reduce time even more.

The market for bridging finance continues to grow month on month as more borrowers require faster finance to secure better prices on property deals. This trend looks set to continue well into 2016 and beyond.

Auction purchases

Investors are turning to the auction market for property purchases as suitable properties are in short supply in high street estate agents. One of the most common uses of bridging is for this purpose as very few traditional lenders have any interest in this type of financing.

Purchasing at an auction usually means exchanging contracts on the day of the sale and then completing within the next 28 days. As we all know a mainstream lender will always take much longer than this to put the funding in place. Bridging finance thankfully is very different as monies will be authorised in days rather than weeks. This type of loan gives the borrower breathing space to secure the correct mortgage to suit their needs. One thing to keep in mind when considering bridging finance is that the lender will need to see a firm repayment structure in place before any funds are released.

Seeking advice?

Our advisers are fully trained and skilled in providing you with a professional fast service to meet all your financing needs. Please do call us to discuss your requirements and we will do our very best to assist you.