Q. Am I able to borrow finance on a property on which I already have a mortgage/other charges?
A. Yes. We can obtain 2nd and 3rd Charges, subject to equity in your property.
Q. Can I apply if I am self employed and do not have a set of accounts?
A. Yes. Lenders are mainly interested in the security and exit.
Q. Can I convert my bridging loan into a longer term loan?
A. Yes. As Discount Mortgages are regulated we can offer buy to let or residential mortgages for your exit.
Q. Can I make capital reductions?
A. Yes, at any time. This will reduce the balance outstanding as well as your monthly repayments.
Q. Can I pay off my loan early?
A. You may pay off your loan at any time. If you took out a 6 month loan and interest was deducted in advance any interest not used will be refunded.
Q. Can I protect my loan repayments?
A. We can obtain life assurance on your loan if required.
Q. Can you help people with County Court Judgements (CCJs), arrears and/or adverse credit?
A. Yes we can but the rates start at 0.99% and most acceptable exits are sale of property.
Q. Do I need a solicitor?
A. Yes. Costs vary for each lender
Q. Do you lend to Limited Companies?
A. Yes and SPV inc off shore SPV
Q. How long will it be before I receive my funds?
A. Typically this take between 5 days and 2 weeks depending on your solicitors. Offers can be made same day subject to valuation.
Q. How much could I typically borrow?
A. Bridging loans are available from £25,000 – £50 million
Q. Is there a charge for making an application?
Q. What can I use the Bridging Finance loan for?
A. Your unregulated loan can be used for any business purpose
Q. What costs are involved in bridging finance?
A. £399 admin fee once case agreed by lender
£350 valuation fee subject to property value and location
2% lenders arrangement fee
£750 lenders solicitors fee subject to lender
Q. What is the monthly rate?
A. Interest rates start from 0.65% per month at 40% LTV
Q. What type of security can be lent against?
A. Lenders will lend on most types of residential, commercial or semi-commercial properties inc land.