"Great Company to work with arranged my loan at a very good rates and was able to talk to Zara any time to deal with any problems I had
"Zara arranged my Bridging Loan with ease so pleased with the service and attention to detail I would highly reccomend Easy Bridging"
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By their very nature, bridging loans are short-term funding options. Until 2017, the standard term of bridging finance was ‘up to 12-months’ but over the last year lenders have been making the loan terms longer and some bridging loans now even go up to 24 months, also once the loan comes to an end lenders will often offer a 6 months extension although this will come with an added arrangement fee.
Bridging finance is awarded to borrowers that need to ‘bridge’ a gap between buying or selling a property or often to release equity as you would take out a loan although this loan is secured against an asset this is normally a property although other assets can be offered.
Loans are typically given to property developers and landlords that intend to renovate land or property, or home buyers that want to secure their dream home before they’ve sold their own property or to repair a property chain that has collapsed.
Because bridging loans provide a convenient funding solution, the market for short-term finance has grown steadily in recent years - especially in London where an affordable property is hard to find.
However, loans carry a monthly interest rate which is payable at the end of the term or when the borrower pays back the total sum of the loan plus interest. Therefore, the longer the term of the contract, the more you owe in interest however you will only ever pay for the amount of time the loan was outstanding so if you repay after 6 months then you only pay 6 months interest.
Typical Bridging Loan Terms for Bridging Finance
Standard bridging loan Term is up to 12 months. However, some lending facilities write up contracts that have a loan term of 18 months. Some of the larger firms will even provide finance with a term of 24 months.
Although borrowers are taking advantage of longer loan terms, they are typically much shorter. A standard loan term will be between one month and one year.
Some bridging loans can be as little as 48 hours, but because penalties are due on late payments, borrowers are urged to err on the side caution and take out a loan that gives you plenty of breathing space.
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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