These are loans are ideal for people who want to raise money quickly on property.
They can be used for helping to purchase a property at auction. Another reason for raising the money is to finishing developing a property as if the property does not have a working kitchen and bathroom then it’s not habitable therefore not mortgageable. Rates and charges do vary from lender to lender on this one so please contact us
Bridging Loans Q&As
They normally only have a short term for lending, generally no more than 12 months as there must be a “repayment strategy” in place. This means exactly what it says, how do you intend to repay the money. For example, if you have enough money for a deposit on a house you wish to buy but have not sold your own home, you can always get a bridging loan on the property you wish to purchase and then once the property you are selling has been sold you can repay that money. Another way is the option to remortgage the property to repay the bridging loan.