What is a Bridge loan
Bridging Finance Advice
What is a bridge loan
A bridge loan can be used for many different reason and is often used when a high street mortgage lenders are not prepared to lend
Non mortgageable property
when a property is deemed non mortgageable by a conventional mortgage company – this can be for several reasons eg. the property having no kitchen or bathroom therefore classed as inhabitable. Being in need of refurbishment a traditional mortgage company will not secure against it or will require a retention. Our method of funding allows you to carry out the necessary work needed to bring it to a standard needed for a mortgage lender to deem for lending against.
Speed of a Bridge loan
Buying at auction means you often face tight deadlines to complete the sale , usually 28 days.
The current market conditions have made it impossible for a conventional mortgage complete in this timescale.
Our Bridging lenders can provide funding with in 14days , and if necessary can still arrange a survey prior to auction and draw in a decision in principle.
