Bridging Loan Finance
Bridging Loans in the UK can be used for any purpose and are suited to short term financial needs where the repayment method is known, but not necessarily the date when redemption will occur. Typically bridging finance is made available on a non-status basis, i.e. loans are available regardless of previous credit history or income.
How do bridging loans work?
Generally speaking where non-status bridging finance is applied for, income is not a factor in qualifying for a facility. Previous credit history can be ignored, but must be disclosed to the potential bridging lender!
The loan to value that can be made available via bridge finance is currently about 70%, but this can be higher or lower depending on market conditions!
How can a bridging loan be used?
Bridging finance can be used for any purpose!
- Where fast completions are required for auction purchases.
- By property developers with equity but perhaps a cash shortage.
- To pay unexpected bills such as VAT taxes.
- To meet a contractual dealdline for a residential or commercial purchase.
- Not forgetting the original use by home movers!
Bridging Loan Related Information
Need to know more about bridging loans?
- Closed Bridging Loans
- What is a "Closed Bridging Loan"?
- Open Bridging Loans
- What is an "Open Bridging Loan"?
- Bridging Finance Calculator
- Need an idea of costs for a UK bridging loan? Check out this calculator
Bridging Loan News Blog
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