Bridging Loans Ltd is able to consider residential bridging loans on flats, semi-detached and detached homes, terraced houses and land with planning consent for residential use…in fact practically any type of residential property were the borrower is not living in the property.
The property can be used as security whether you already own it or whether you intend to buy it with bridging finance or development finance from Bridging Loans Ltd.
As you may require quick bridging funding in order to take advantage of an auction purchase or other investment opportunity, we will endeavour to work to your timescales. Similarly you may have the opportunity to purchase property or land at a reduced asking price, but you have to act fast, our experienced underwriting team and solicitors are able to progress the deal to ensure that you do not lose the property to another purchaser.
Any residential property purchased at auction will usually require a 10% deposit to be paid immediately, with the balance to be raised within 28 days. We are generally able to fund up to 70% of the auction price.
We are therefore able to provide this bridging finance at extremely short notice for a period of up to 9 months, and in some cases for up to 18 months.
A bridge loan from Bridging Loans Ltd would usually be repaid from the sale proceeds of the security property or through a re-mortgage from another lender - either a high street lender or secondary lender.
Residential bridging finance from Bridging Loans Ltd can be used for a variety of other purposes and can even be injected as short term finance into your business. For example, as a cash flow injection, paying a VAT or tax bill, or for purchasing stock for your business.
Another example of how a loan from Bridging Loans Ltd can be used is for buy to let properties, which can allow you to purchase a property you've discovered and pay back the loan over a short or long period of time.
Our bridging finance can be secured on your residential investment property and can be repaid in as little as 90 days once the cash flow from your business improves.
Our aim at Bridging Loans Ltd is to make the process of applying for and drawing down our bridging funding as straight forward as possible and assisting you in procuring the required finance within a week or two. In some more complicated cases funding could take a little longer but we will always endeavour to assist you and your solicitor in getting across the line as quickly as possible, and in cases where you require to delay the funding, we are more than happy to stand by and patiently await your instructions.
Enquire about our residential bridging loans with the below contact form, or for more information about our bridging loan rates you can visit our rates page.