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Nearly all bridging loans are used for the purchase of a property, this could be because you need to make the purchase quickly, if for instance it was a forced sale and the vendor cannot wait for a traditional buyer to arrange a mortgage which could take up to three months or more in some cases, because a bridging loan can complete in as little as 3 weeks the seller has more confidence that a sale can take place within an agreed time also you can get an offer of funding on a bridging loan within an hour, this puts you in a very strong position when putting your offer to the vendor.
Bridging Loans are also frequently used when a property chain falls apart, the loan can quickly repair the chain and so allow all of the properties that are involved in the sale to complete as before, when buying a property that is involved in a property chain there are many things that can go wrong and until all of them have exchanged contracts nothing can be certain, often there are unforeseen problems that only come to light once the legal processes have begun this could be any number of things ranging from old covenants that were placed on the property many years ago, to mortgage offers falling, through or buyers pulling out because they have seen a property that better suits their requirements.
Buy a Property at Auction with a bridging loan
Property auctions are a great place to buy a property at a knock-down price vendors will put a property in an auction because they want more certainty over the sale and a quick payout once the property is sold under the hammer, buyers have to pay for the lot within 28 days of purchase, so unless you are a cash buyer then bridging finance really is your only option as no traditional mortgage can complete within these timescales, you would basically pre-arrange the bridging loan with a lender before the auction safe in the knowledge that you have funding once you make the purchase, once you complete on the purchase you have up to a year to either renovate and sell the property or if you intend to keep it you would look towards arranging a mortgage, once this is in place you simply pay off the bridging loan. Many vendors also put a property up for auction because they know a buyer would not get a mortgage on it, it could be uninhabitable or in poor state of repair and need refurbishment before a mortgage lender would offer to fund it, bridging lenders are quite happy to lend against property in any state of repair as they work out their loans on the value of the bricks and mortar, they will also offer you funds to do the refurbishment and repairs, once completed you can sell or arrange finance based on the increased valuation.
A Bridging Loan to release equity.
A Bridging loan is also used to release equity from a property that is already owned many owners have equity built up that they need to access quickly, a bridging loan offers a perfect solution to this, in many situations this is used because they cannot get funding from another source this could be because they have a less than perfect credit file or just that the loan amount is more than their bank is prepared to offer many banks will not offer personal loans over £25,000 with a bridging loan this is not the case and a loan can be for any amount as long as the loan to value is within their lending criteria, what you do with the finance once it is paid to you is entirely up to you as long as you can pay the loan back within the agreed facility term and as long as you are using the cash for legal means then a lender is fine with the loan, as a general rule you can get up to 80 % of the properties value although you will need to deduct the costs of any borrowings you already have outstanding, as far as types of property, residential is the most favoured although there are also lenders who are more than happy to advance finance for both commercial semi-commercial properties and also land that either has planning permission or land that has the possibility of obtaining planning permission in the future.
Bridging Finance How Long?
Bridging Finance is short-term lending this means anything from as little as a month to up to 18 months you pick the term when you take out the loan, you should always allow for any delays that could occur when paying the loan back so always take the longest term on offer as you only pay interest for the days the loan is outstanding this makes the most sense, the loans are secured against the property and are usually on a first charge basis although 2nd charge loans are still on offer the interest rates will be more to take into account the lenders additional risk
Bridging Loans Type of Property that can be used to secure the loan
A Bridging Loan is always secured against a property this means the lender can repossess the property if you fail to pay the loan back as agreed, the type of property most lent against is always residential as if they have to fall back on their security for repayment this type of property is always easier to sell, they will lend against other types of property including commercial and even land and other valuables but because of the fact that these can be harder to sell they tend to charge a higher rate, you can also lend against buy to let properties and even vat repayments that are due to you, because the lender is secured by the asset they will literally look at any security that is available to them, including multiple properties all covered with one loan.
Easy Bridging Loans can arrange your loan with ease and will guide you through both the choice of loan and all of the processes that are associated with taking a bridging loan, because we specialise in this type of finance and nothing else, we will always have the answers to any problems that could be encountered along the way.
Get in touch now to discuss your requirement as professionals in this field and know the industry inside out, call us today or complete our online form to get things started.
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