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Why a bridging loan?
Bridging loans typically last for any period up to 24 months, sometimes longer depending on the terms agreed. Charges for a bridging loan vary quite significantly depending on risk factors but on average you could be paying around 1.5% interest per month.
What do lenders require to give a bridging loan?
Lenders will only provide unregulated loans. This means they will not give bridging finance to property owners who want to use their own residential property that they live in as security for a loan.
The minimum amount loaned is £50,000. Some lenders can provider a smaller amount, however, this is rare given that bridging loans are a type of commercial finance.
How long will it take to arrange a bridging loan?
(Loan to Value)
(Loan to Purchase Price) *
|Maximum Loan||No maximum|
|Minimum Property Value||£50,000 (£100,000 London)|
|Minimum Term||1 Month|
|Maximum Term||24 Months|
|Properties||Available in England, Wales and Scotland|
|Security||First charges only. Second charges may be used for additional security where needed. For investment properties only.|
|Customer type||Individuals and Limited companies|