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Bridging Loans

QUICK & SIMPLE FUNDING

Can I apply for a bridging loan?

Should you reside in the United Kingdom or Europe you can apply for a Bridging Loan – if you have previously been denied funding or have ccj’s, arrears, defaults, bad credit or even no credit we will consider your application. Whether you are a individual, sole trader, trading Ltd company or SPV Ltd company as long as you are legally the owner of the property or will be upon completion of the transaction then we will obtain the funding you require.

  • Decisions in potentially 24 hours
  • Experts in complex funding scenarios
  • No early repayment charges
  • Retain the interest (no monthly fees) service monthly if required.
  • Complete in just a few weeks

What can bridging finance be used for?

  • Broken Property Chain
  • Refurbish or Extend Property
  • Debt Consolidation
  • Cashflow/Capital Raise
  • Development Project
  • BTL (buy to let) Purchases
  • Investment Opportunities
  • Redeem/Refinancing 1st & 2nd Charges
  • Auction Purchases
  • Short Term Lease Property Purchase

Bridging Loans Explained

A Bridging loan is somewhat different to a standard bank loan in the fact it is a property backed facility over a shorter term. The term for a bridging loan is usually no shorter than 3 months and at a maximum length around 24 months. Bridging loans are often used in scenarios where you require funding for a period of time long enough to allow for refinancing onto a longer term product or whilst you are going through the process of selling your property. It can be difficult to choose which Bridging loan is best for you so it is important to speak to a specialist to make sure you select the right lender for your bridging loan requirements. Bridging loans are usually paid in full at the end of the term. Unlike other forms of borrowing, a bridging loan does not require a monthly payment to be made as all interest is rolled into the bridging loan and paid at the end of the term or when you exit the bridging loan.

The application process for a bridging loan is usually much simpler than other types of borrowing and this means applications for bridging finance can complete very quickly usually between 10-14 days this can be extremely attractive when funds are required fast and for time constrained scenarios.

Bridging Finance can be offered against almost any property or land and can be used for several different reasons – its main uses are:

  • Purchasing a property quickly for example auction purchases
  • Buying uninhabitable properties
  • Funding conversion or restoration work on property
  • To prevent repossession
  • Buying property under the market value
  • Business capital injection
  • Development loan exit

The pros and the cons of bridging loans

Pros

  • Applications usually complete in under 14 days so bridging finance is fantastic for when funds are needed quickly.
  • Where there is normally no monthly payments to be made, a bridging loan can be perfect for raising capital when cash flow is tight but you have the assets to repay the loan.
  • The bridging loan market is very, very competitive and this is reflected in the rates available. Some lenders are offering rates at as little as 0.37% per month, bridging loans have never been cheaper!
  • When a property is being purchased under value, lending can often be calculated on the market value of the property - this means it is possible to purchase a property without the need for a deposit.
  • Bridging finance can be used to purchase property that is deemed ineligible for borrowing using other types of funding, for example a property that is deemed uninhabitable.

Cons

  • Bridging loans compared to traditional mortgages are more expensive. Even though the rates for bridging finance are dropping, traditional mortgages are by far the most economical way to fund most property transactions.
  • As bridging loans are short term it is important to understand that if you have any problems with your chosen exit strategy (method to repay the bridging loan) you can face some serious issues. Failure to repay your bridging loan would eventually lead to repossession and more than likely some hefty costs.

Always consider ‘The total cost’

Many clients will constantly be hunting for ‘the best rate’ for their bridging loan this is understandable right? I mean we want the best deal for our bridging finance and want it to be the most cost effective option on the market. It is important to understand that many lenders offer fantastic rates but behind that there will be arrangement fees, exit fees and various other little hidden fees. This is why it is important to look at the total cost of the facility, not just the monthly interest rate for your bridging loan. It is important to view a full breakdown of costs for the bridging loan before you decide to proceed; this makes it much easier to establish who is offering the best deal, not just the best interest rate.

Is your exit strategy viable?

the most important part to any bridging loan, how are you going to repay the loan? The main danger with a bridging loan is that you are unable to repay the loan at the end of the term. Always consider how the loan will be repaid at the very start and make sure your proposed exit strategy is viable. If your plan is to sell your property make sure the term of the bridging loan is long enough to allow for you to find a buyer and complete the sale. Being forced to find a quick buyer could result in your property being sold for significantly less than you would like. If you’re planning to refinance your bridging loan onto a longer term property loan facility you should try to prepare for this by checking if your application is likely to be accepted. If it is possible to do so aim to get a decision in principle from your chosen lender before completing the bridging loan.

Are you getting the best possible deal?

The difference in cost between bridging loan providers can be quite significant. Some lenders can only be accessed through a limited amount of brokers – this means you might not be able to access the best rates and deals within the market. Get in touch with us now so we can assist you in the best way from the start and ensure your bridging finance requirements are delivered without delays.

Funding available all over the UK (area list)

Finance Jeanie have you covered. Our team can offer you funding no matter where you live in the United Kingdom. Contact us via phone or email to discuss your funding or loan requirements.

County, Town & City List

Finance Jeanie provide funding options to clients all over the UK including all the following counties. We cover all the major towns and cities. If you do not see your location in the following list please don’t hesitate to ask.

Avon

Bath Bristol Clevedon Fulton Keysham Weston Super Mare

Bedfordshire

Bedford Biggleswade Dunstable Flitwich Leighton Buzzard Luton

Berkshire

Ascot Bracknell Hungerford Maidenhead Newbury Reading Sandhurst Slough Thatcham Windsor Wokingham

Buckinghamshire

Amersham Aylesbury Beaconsfield Buckingham Chersham Denham Gerrards Cross High Wycombe Marlow Slough Stoke Mandeville Taplow

Cambridgeshire

Cambridge Chatteris Ely Girton Godmanchester Huntington Newmarket Ramsey Soham Whittlesey Wisbech

Chesire

Chester Crewe Nantwich Northwich Macclesfield Runcorn Tarporley Warrington Widnes

Cornwall

Bodmin Falmouth Newquay Padstow Penzance Redruth Truro

Cumbria

Barrow In Furness Carlisle Kendal Penrith Whitehaven Wilton Workington

Derbyshire

Alfreton Ashbourne Belper Bolsover Buxton Chesterfield Codnor Crich Cromford Derby Duffield Glossop Heanor IIkeston Long Eaton Littleover Matlock Melbourne Ripley Sponson

Devon

Barnstaple Exeter Honiton Plymouth Paignton Torquay

Dorset

Blandford Bournemouth Christchurch Poole Weymouth Dorchester Wareham Wimborne Shaftesbury

Durham

Durham Bishop Auckland Chester-Le-Street Durham Seaham Sedgefield Spenny Moor Stanhope

Essex

Basildon Billericay Braintree Brentwood Canvey Island Chelmsford Clacton-On-Sea Colchester Epping Hadleigh Harlow Rayleigh Tilbury

Gloucestershire

Cheltenham Cinderford Cirencester Clearwell Gloucester Kingswood Slimbridge Stroud Tewkesbury

Greater Manchester

Bolton Bury Manchester Oldham Rochdale Stockport Wigan

Hampshire

Basingstoke Andover Aldershot Farnborough Petersfield Tadley Portsmouth Fareham Gosport Havant Hayling Island Waterlooville Southampton Hedge End Romsey Totton Winchester Alton Eastleigh Stockbridge

Herefordshire

Hereford Kington Ledbury Leominster Ross-on-Wye

Hertfordshire

Bushey Chorley Wood Elstree Hatfield Hemel Hempstead Hertford Hitchin Letchworth Potters Bar Sawbridge St.Albans Stevenage Tring Watford Welwyn Garden City

Isle of Wight

Cowes Newport Ryde Sandown Shanklin Venture

Kent

Ashford Canterbury Chatham Dartford Dover Faversham Hythe Maidstone Margate Ramsgate Rochester Royal Tunbridge Wells Sevenoaks

Lancashire

Accrington Blackburn Blackpool Burnley Chorley Clitheroe Lancaster Liverpool Manchester Morecombe Preston Skelmesdale

Leicestershire

Ashley-De-La-Zouch Coalville Earl Shilton Leicester Loughborough Market Harborough Melton Mowbray Syston

Lincolnshire

Gainsborough Grantham Grimsby Lincoln Boston Bourne Brigg Spalding

Merseyside

Birkenhead Liverpool St.Helens Southport

Middlesex

Acton Brentford Camden Town Chiswick Edgware Enfield Fulham Hackney Hampstead Harrow Hounslow

Norfolk

Alysham Diss Fakenham Great Yarmouth King’s Lynn Loddon Norwich Sheringham Thetford Watton

Northumberland

Alnwick Ashington Berwick-On-Tweed Blyth HalfWhistle Morpeth

Nottinghamshire

Bingham Hucknall Mansfield Nottingham Newark-On-Trent Ollerton Retford

Oxfordshire

Abingdon Banbury Bicester Bloxham Chinnor Cholsey Didcot Henley-On-Thames Kidlington Wantage Woodstock

Shropshire

Bridgenorth Ludlow Madeley Newport Shrewsbury Telford Wellington Wem

Somerset

Bath Bridgewater Burnham On Sea Crew Kerne Taunton Wells Weston-Super-Mare Yeovil

Staffordshire

Burton-On-Trent Cannock Keele Leek Lichfield Newcastle-Under-Lyme Stafford Tamworth Uttoxeter Wolverhampton

Suffolk

Brandon Bury St.Edmunds Felixstowe Ipswich Lowestoft Stowmarket Sunbury

Surrey

Camberley Chertsey Cobham Dorking Epsom Esher Farnham Godaming Guildford Haslemere Leatherhead Redhill Reigate Staines Sunburn-On-Thames Walton-On-Thames Weybridge Woking

Sussex

Sussex Bexhill on Sea Brighton and Hove Crawley Eastbourne Hastings Horsham Worthing

Teeside

Hartlepool Middlesbrough Redcar Stockton-On-Tees

Tyne and Wear

Gateshead Jarrow Newcastle Under Tyne South Shields Sunderland Whickham

Warwickshire

Coleshill Coventry Leamington Spa Nuneaton Rugby Stratford Upon Avon Studley Warwick

West Sussex

Arundel Billingshurst Bognor Regis Bosham Chichester East Grinstead Fishbourne Lancing Littlehampton Midhurst Petworth Selsey

Wiltshire

Amesbury Chippenham Malborough Salisbury Swindon Tidworth Warminster Wilton

East Riding of Yorkshire

Beverley Bridlington Driffield Goole Hornsea Hedon Pocklington

North Yorkshire

Harrogate Northallerton Malton Pickering Ripon Richmond Scarbourough Selby Skipton Stokesley Tadcaster Thirsk Whitby

South Yorkshire

Barnsley Dinnington Doncaster Maltby Mexborough Penistown Rotherham Sheffield Swindon

West Yorshire

Batley Bingley Bradford Castleford Dewsbury Halifax Helden Bridge Huddlesfield Keightley Leeds Morley Otley Wakefield Wetherby

Monmouthshire

Abergavenny Caldecott Chepstow Monmouth USK

Mid and West Glamorgan

Aberdare Barry Bridgend Caerphilly Merthyr Tydfil Neath Ponty Pridd Porch Cawl Port Talbot Swansea

South Glamorgan

Barry Cardiff Cathays Ely Penarth

Gwent

Abertillery Beaufort Blaine Brynmawr Ebbe Vale Newport Tredegar

Get in touch now to discuss your requirements

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