Bridging the finance gap with short term property secured bridge loans

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Bridging loans

Bridging loans are a form of short term funding secured against a property our building. Whilst this is high value borrowing, it is in no way a replacement for a mortgage or remortgage unless you are clear on the fact that the whole amount needs to be repaid within twelve months maximum. Loans used for bridging the finance gap accrue interest monthly and interest only repayments are made until you can clear the amount in full, so the quicker you pay it off, the less you pay in interest. Letting the credit facility run on and on, means you will pay more in interest repayments and once you get close to one year, it is no better than a normal secured loan, however clearing the amount in full within a couple of months, makes it the best way to borrow large amounts as you are not locked into a full term and can control exactly how much you have to pay back. Used correctly you can actually make massive gains in terms of the amount of interest repayments against secured funding compared with bridging loans.

Short terms loans to bridge the gap can be used for any purpose. Whether you want to purchase a property at auction, or if you need bridging loan funds to renovate an existing building, so you can sell it more quickly, then this type of short term borrowing could be for you, especially if you are buying the house with the simple aim of selling it quickly. As most bridging is second charge (which means you or a family member cannot live in the house), it is ideally suited for those that make money from the property market. Use our online enquiry form and find out which lender will offer the best rates for you today.

Bridging finance

Bridging finance is a short term agreement, however it is flexible. You can clear the whole amount within thirty days if you require with no early repayment penalties like with conventional secured loans, however, if you desire, you can simply make interest payments only for up to twelve months before you clear the amount in full. Minimum amount allowed to be borrowed is twenty seven thousand pounds and you can actually lend up to and over the three million pound mark if you need. Please be advised that a property is needed as security, which will also determine the final amount you can borrow and it will be a second charge loan, plus you or a family will not be able to live in the house until the loan is cleared. Your house or property is also at risk from the risk of repossession if you default on interest payments, or if you fail to repay the amount in full within the longest term agreement. Feel free to use our bridging loan online enquiry form today.

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