Bridging finance is usually determined by the security in the property being offered and the exit route i.e. how the bridging loan will be repaid. Providing the chosen lender is happy with the answers on these two points, credit issues should not be a problem.
You can obtain a bridging loan with all fees and monthly interest payments added, so no monthly payments to make. This could remove the need to prove the loan is affordable by income.
Most bridging loans do not have early repayment charges although any penalty (if applicable) would be explained clearly in the loan paperwork.
As we are independent, we can access the most competitive rates in the market. Details such as the type of property, its location, current value, amount of loan as a percentage of its current value (LTV) and the term of the proposed borrowing are some of the considerations that a lender will look at when confirming their rates.
The industry average term for a bridging loan is approximately 7 months. We can however arrange bridging loans from 1 day up to 12 months.
Between 1 and 2 weeks is normally available though in certain circumstances it is quicker and on occasions, with complex cases, it can take longer.
This depends on the value (and type) of security property being used. It is however possible to borrow a larger amount by using more than one property as security.