Short term funding, or as its better known as, Bridging Finance, is probably the most under used form of financing. A bridging loan can provide fast access to funding with the minimum of formalities.
Short term bridging loans can provide invaluable help in cases of temporary cash shortfall. Probably the most under used form of financing, a bridge can provide fast access to funding with the minimum of formalities.
Bridging loans are useful for a host of reasons:
They enable borrowers to purchase an additional property even though their current property has not yet sold.
Refurbishment - buying dilapidated properties, renovating and then selling them in a short space of time.
They can be used as a swift means of exchanging contracts, winning contract races and a fast means of completion ( particularly useful when purchasing at auction).
Development - buying property with planning permission. Bridging finance can provide stage payments throughout your development.
Purchasing residential property at undervalue - we lend against the current market value to a maximum of 85%
The bridging loan will always be secured against a residential/commercial property or a plot of land, and a first or second charge will be taken against new or existing property, or a combination of both.
Bridging loans are much quicker and easier to arrange than a normal residential mortgage - we aim for a working week from application to completion.