A bridge loan is a type of short-term loan for the purchase of property where time is of the essence or where a property is not habitable and in need of refurbishment. It is typically taken out over a short period from 30 months to up to 24 months depending on the applicant’s needs. It provides a quick cash impact on a non-standard status basis. It is a non-standard finance solution that bridges the gap between the applicant’s desire for standard long-term mortgage need and their need to buy or refinance a property.
Key bridging loan points
- Funding from £10,000 upwards with no upper limit.
- Loans are available on a first or second legal charge basis.
- Funds are available on residential or commercial projects and up to 75% of
property value. - Further advances were made against an increasing valuation.
- The term is generally between 3 to 12 months
- Monthly interest rate from 0.50% to 1.75% per month dependent on loan to value
and term. - Arrangement fees are typically between 0.5% to 1.5%
- Valuation and legal fees charged at cost.
Why don’t you call our specialist bridging loan desk now on 0208 088 22 11 and see what we can do for you.