Bridging loan for auction
– Bridging finance can be used to buy properties at auction enabling you to complete on the purchase within the 28 day timescale. This can also be beneficial if the property requires works or refurbishment before being able to obtain a traditional mortgage, as a traditional mortgage can sometimes be unavailable if the works required are significant or make the property unmortgageable for such things as not possessing a fully working kitchen and bathroom.
Closed bridging loan
– Closed bridging loans are for clients who have already exchanged on the sale of a property and therefore have a set completion date. This bridging loan enables them to withdraw the current equity on the sold property, allowing them to proceed with their purchase of a new property without having to wait for the sale to complete to obtain the required funds.
Open bridging loan
– Open bridging finance is a loan that secures on the property you are selling before you have a buyer in place. You will therefore not have a guaranteed completion date on the sale of your property. This can be a very useful tool if you have located your desired purchase property and required the funds tied up in the equity of your current property to complete before you have sold.
Bridging Loan rates
– Bridging loan rates vary across the market depending on the loan size and whether or not you require a first or second charge loan. Things such as whether you are securing on residential, investment or commercial property can also affect the rates you may be able to obtain. We can offer both first and second charge loans on both regulated and unregulated deals from 1.25% per month.