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Getting a loan can be problematic if you find it difficult to prove a credit history. This is of particular issue for the self-employed who, though they can fully afford to repay a loan through their earnings, have little to show ‘on paper’ to prove their worth the thing with a non-status bridging loan is that the lenders do not need proof of earnings in most cases
A non-status Bridging loan is one where the lending company does not require the lender to go through the traditional rigamarole of credit checks and other levels of financial proof. Because the loan is secured on the property, the non-status lender is more than happy to trust that the lender is going to make repayments, knowing that the guarantee of the property’s value is there should their trust turn out to be misplaced.
Who can get a non-status bridging loan?
Anyone can apply for a non-status bridging loan – there’s no need to prove your credit rating or income in any regular way. The loan is provided purely on the security of the property.
Investors looking for a bridging loan to support a property development strategy can often use the added benefit of a non-status bridging loan to improve the speed by which they can improve and resell properties, gaining from the increased value to repay the loan with a substantial profit and move on to the next project.
Are there any limitations to non-status bridging finance?
Because the property is the sole guarantee for the loan, it is not possible for a non-status lender to give a non-status loan against a house which is being lived in by the borrower. In these situations, the borrower must travel the more traditional route of applying for a standard bridging loan as it will be an FCA Regulated finance.
This condition does force non-status bridging loans to be less useful for home improvements on your main home – most non-status loans, therefore, become the province of the developer with multiple properties or people with less than perfect credit.
Is Non-Status Bridging Finance regulated in the same way as standard bridging loans?
Due to their ability to provide financing options for those with poor credit, and the lack of requirement for a credit check, non-status loans fall outside the standard regulations as laid down by the FCA, however, they do still follow all other aspects of UK financial lending law, including the Consumer Credit Act.
How do I get a Non-Status Bridging Loan?
Like all bridging loans, the best advice is to work through a broker. A broker will be able to easily compare the rates between different non-status lenders and find the one that best suits your specific need.
Obtaining a non-status loan can be done at speed, with many brokers able to negotiate and finalise a loan application within 24 hours.
With non-status bridging loans, there is no reason to miss out on any property opportunity that comes your way – see something perfect in an auction but worry that you don’t have the credit rating to secure it via tradition bridging finance? A non-status loan will see you through.
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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