Frequently Asked Questions

How can I use a bridging loan?

Bridging loans can be used for any purpose. Primarily they are taken out by people for the purpose of acquiring a new property before their existing property has been sold.

What is the total limit I can borrow?

Borrowers can ask for bridging loans with any limit ranging from £15,000 to £5 million. It all depends upon the value of the underlying security and the property that is going to be purchased with the loan.

What is rate for the bridging loans?

Usually the rate for the bridging loans is 1% per month. This rate is not fixed and varies depending upon the risk involved in the transaction, the credit rating of the borrower, and the nature of the bridging loan i.e. whether it will be an open or closed bridging loan.

Is there any charge taken for submitting an application for a bridging loan?

No, people can submit an application for a bridging loan absolutely free of charge. There is no application fee.

What costs are incurred in this transaction?

The only cost is the completion fee that is paid at the time of drawing the funds. In addition to this, a valuation fee is sometimes also charged for the valuation of the borrowers collateral.

What type of collateral is required for this loan?

Our clients can get their bridging loans secured against their properties in United Kingdom. If you have any type of residential or commercial property, then you can use it to get a loan from us.

How much time does it take before I receive the funds?

We try our best to provide the funds as quickly as possible. If the verification process goes smoothly then you may even get the funds within 24 hours.

Can I pay back the loan amount before its maturity?

Yes, you can pay the total amount of the bridging loan before the specified time if you wish. You do not have to pay any penalty to do this. All that you have to pay is the outstanding amount of the loan and the amount of interest due.

Can I make the capital reductions?

Yes, if you do this it will reduce the outstanding amount of the loan as well as the interest rate on it. So making a capital reduction of any amount would be beneficial for you and ultimately save you money.

Can I get protection for the repayments?

Yes, you can get cover for the protection of your repayments. We can arrange cover for the protection of your payments if you wish us to do so.

Can I get my bridging loan converted into a long term loan?

Yes, we are partners with many companies that allow you to convert your bridging loan into a long term loan. It may also be possible for your bridging loan to be converted into a mortgage.

Can I take advantage of a bridging loan even if I am self-employed and do not run formal accounts?

Yes, even if you are self-employed and do not hold accounts. We offer bridging loans to everyone who has the collateral available to be furnished as the guarantee for this loan.

Can you assist people with CCJs, arrears or adverse credit?

Yes we provide assistance to people in these situations as well. If you have any sort of issue like these, then contact us and let us resolve your financial difficulties.

Can I borrow against properties that are already marked with a lien by other creditors?

Yes, we accept such securities as long as they have some portion of equity available in them. So, if you are looking for bridging loans against second charged securities then get them evaluated by our professionals and you can get the loan.

Will I require a solicitor?

No solicitor is required to obtain a bridging loan. We do however recommend our customers get independent legal advice from a third party before completing the loan, or making any other major financial decision.

Do you provide funds to limited companies as well?

Yes, we make our funds available to Limited Companies as well as individuals in the United Kingdom. These companies can submit their application for a loan employing their own identification as a separate entity.

Can I use security that I do not own in order to get the loan?

Yes, you can get bridging loans even if you are not the owner of the property you are using as security. However, the owner of the property must be in agreement, and must also be included in the loan contract.