What is a bridging loan?
A bridging loan is a short-term loan, used to “bridge the gap”, until longer term financing is sourced.
Once the longer-term financing is sourced, called the “exit strategy”, the short-term bridging loan is then settled.
These loans can typically be taken out from 6 months up to 2 years, depending on the funder. This particular product is offered either on a 9 month or 12 month term.
Refurbishment bridging loan
A refurbishment bridging loan allows you to purchase a property that requires light refurbishments, typically permitted development and building regulations are accepted, whereas refurbishment work that requires planning permission is not.
Why use a Refurbishment Bridging Loan?
At times, property developers may require additional finance to purchase a property. They then use a refurbishment bridging loan to develop the property that they have purchased and then sell it on.
These refurbishment bridging loans can usually have the interest serviced monthly or rolled up to settle at the end of the term.
Fast Bridging Loan
This refurbishment bridging loan could potentially be completed within 28 days, if it is within criteria and you can act quickly.
Contact us today and let’s talk about your specific needs. We will then set about finding the right finance for you, all without obligation or upfront fees.
Please see the product details below, alternative products are available from this funder and we are happy to discuss potential options with you.
- 70% net LTV
- 0.67% per month
- £100k – £1milion
- 1st Charge only
- Interest roll up
- Clean credit only
- UK Borrowers only
- Ex-Pats considered
- Ltd Co. accepted
- Max property value £1.4million
- Permitted Development and Building Regulations accepted