Bridging Finance Rates London
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Bridging Finance Rates London: What Can A Bridging Loan Be Used For?
When you are buying a property, it can be useful to find out about bridging finance rates London in case you need to borrow a bridging loan in order to complete the purchase of the property. However, did you know what a bridging loan can be used for? Here are some of the options.
Some properties are uninhabitable – they need a lot of work doing to them. If they are bought at auction, there is usually a period of 28 days before payment is needed, but it might be that a traditional mortgage can’t be secured until the refurbishments are carried out. A bridging loan will enable you to have the money you need to buy you time to purchase the property, do it up, and then obtain a traditional mortgage for the long term.
Japanese knotweed is a big problem. If it is found on a property’s land, regular lenders are unlikely to offer a mortgage. Therefore, a bridging loan can give a buyer time to remove the knotweed before applying for a standard mortgage.
If a child, for example, requires a deposit for a property, parents might choose to use the equity in their own home to gift it to them. However, if the parents also want to move home to downsize, it could be a little while before the money comes through. A bridging loan means that they are able to gift the deposit before their home sells.
A bridging loan can be extremely useful if a property developer wanted to buy a property and land and then build another property. They would then need to split the title, so a traditional mortgage would be difficult to obtain until this was completed. Bridging finance rates London can vary, so it is wise to research what you need and why you need it. If you can give us as much information as possible and discuss everything with us, then we will be able to give you as much help as possible.
Residential & Commercial Bridging
Bridging Finance 4U are master brokers and packagers for all the leading bridging lenders and private funders in the UK.
Who We Are and What We Do
Bridging Finance in London, UK is usually used as an interim financing measure until permanent or ‘next stage’ financing is obtained. For example, the sale of an existing residential property may take longer than the required purchase deadline of a new property, bridging finance could therefore be used to bridge the period of time until your existing property is sold, at which point you may have the funds to pay off the bridging loan in full with the property sale proceeds or to use as a deposit to complete on a standard mortgage.
We can also offer finance for both Republic of Ireland and Northern Ireland. In some cases finance can be also obtained for prime locations in Europe for UK nationals whether living in the UK or overseas as an expat.
Why Choose Us?
Standard terms vary from lender to lender, but in general bridging finance is usually available for a period of between 1 and 24 months. It is sometimes possible to agree an extension beyond 24 months in some circumstances, but generally speaking bridging loans are meant as a short term financing measure, lasting months not a few years.
Instead of going to every lender on the market, just come to us, we do all the hard work for you. We have relationships with all the major lenders and private funders and speak directly to decision makers. Funds can be normally released between 3 and 10 days subject to legals.
We can usually obtain terms immediately and formal offers subject to valuation within 2 hours. If you are looking for speed and service then you have found the right company. Rates from 0.65% pcm but see our rates page for more info. We can also now lend on the value of Freeholds.
(Tailors property services)