financial services, Investment Property, commercial mortgages
A Bridging Loan is a loan to an individual or a company that can be taken out on a short-term basis, secured against a residential ⁄ commercial property or land, until such time as the property is sold or refinanced with a long-term lender. Key features include:
- 1. is secured against property by way of a first legal charge - this can be a new purchase or a refinance.
- 2. The term of a loan can be from 1 day up to 1 year.
- 3. A bridging loan can be from £30,000.
- 4. Terms and conditions are negotiable.
- 5. Loans are assessed against open market value and not purchase price.
- 6. Loans can be either open or closed. A Closed Bridge is when there is a guaranteed exit already established.
- 7. With DIPs given within 60 minutes and funding available within 24 hours, bridges suit those needing rapid short-term funding.
- 8. The money raised through a Bridging Loan can be used for any legal purpose.
, Bridging Loan
, Bridging Loans
, buy to let mortgages
, commercial loans
, commercial mortgages
, commercial property finance
, development finance
, financial services
, Investment Property
, property development finance