Open 7 Days a WeekSame Day QuotationsExpert AdviceLoans behind other bridgesMarket Leading RatesFast completions, often within daysNo Monthly PaymentsAll situations and security consideredFree upfront service2nd and 3rd chargesLoans from £25.5K to MillionsWhere time is a factor, fast-bridging loans can be a real lifesaver. The following case study shows just how useful our quick bridging loans can be when a major opportunity presents itself:
Last week, we were contacted by a broker whose client needed fast bridging finance within 24 hours to take advantage of a lucrative business opportunity. Their client had the chance to buy shares at a discounted rate in the company where he had worked for over 25 years, but the option had a deadline that was due the following day. The broker originally believed he had sourced finance elsewhere via another bridging lender, using two investment properties as security; however, at the very last minute, the first charge lender reneged on its decision to allow second charge consent, thus leaving the client without the urgent finance needed.
At UK Bridging Loans, we fund all quick bridging finance deals using our own money and do not require first charge consent on every occasion, so we immediately knew that we could work around this problem. The issue then became one of speed, but as our system is highly streamlined, enabling us to progress cases at pace and with a high degree of flexibility, we knew we could help. We immediately examined the deal, completed due diligence, and provided indicative terms to the broker. All charges and conditions were included in the terms, allowing the broker to obtain acceptance after presenting the full facts to the client. We then worked late into the evening to finalise the loan documentation and emailed the client and his solicitor a copy of our formal offer, the legal paperwork, and the outstanding information needed before completion.
The client visited his solicitor the following morning to obtain legal advice and complete our short list of requirements before meeting with us at lunchtime. We accepted the previous lender's valuations as the figures fitted with our research and expectations. In many circumstances, we do not require formal valuations, so again, this was not a barrier to us completing the finance quickly. Our in-house team reviewed the documentation returned from the client's solicitors, and after some minor clarifications, his quick bridging loan was funded that very afternoon. To ensure we met the client's deadline, we paid the funds directly to the solicitors handling the share sale, which enabled the purchase to be completed that day, in time, and less than 24 hours after the initial broker contact.
The client's wealth has substantially increased due to the involvement of the team at UK Bridging Loans. Fast bridging finance is our speciality; we operate very differently from most other lenders and are therefore able to offer rare USPs. We don't claim to be the cheapest in the market, but we do get the job done swiftly, smoothly, and with minimal fuss.
For further information, please call 0116 3666338 or email contact@ukbridgingloans.uk.
Other ways we can help include 3rd charge bridging, charges on land (with or without planning), bridges for foreign nationals, adverse credit, 2nd charge bridges secured behind other bridging loans, etc.
Clients approach UK Bridging Loans either directly or via introducers. Basic questions by way of a “fact-finding” process are used by UK Bridging Loans to determine if the lending requirements are a possibility.
An immediate yes or no answer is given, and if suitable, a quotation is formulated and forwarded to the client, usually by email.
A formal offer is produced for any client wishing to proceed and forwarded for signature, again, usually by email.
Each client is visited at the security address for the signature of the remaining loan paperwork, including a CH1 land registry charging order. We will also collect any additional pre-requested documentation.
The signed documentation was immediately sent to our underwriters. Our model is based on very quick completions, as each deal is funded using all of our own money. On rare occasions, we may request additional information.
Average completion from initial acceptance to pay-out is usually just a few days. We rarely require valuations or additional legal representation. The land registry charge will be removed once the bridging loan is repaid.
The applicant could be too old to obtain a standard high-street mortgage, as most mortgage lenders now prevent borrowing beyond what is deemed “normal retirement age”.
The property may be in a condition where it is not suitable for mortgage financing, and as such, a bridging loan could be used to complete the purchase and any required work prior to refinancing.
The applicant may have had some adverse credit, however minor, which was previously acceptable to lenders but now no longer fits the high street lending criteria.
The applicant may have difficulty proving the income requirements needed for more regular financing. This may be due to poor self-employment records, a break from work, a reduction in self-employed workloads, or overtime.
Superfast completion, often within days
Land, with or without planning 2nd charge (consent is not always required) Quick auction finance 3rd charge (consent is not always required) Adverse credit is considered 2nd charge behind the bridging lender 2nd charge behind the equity release lender Up to age 85 Pure equity-based lending Residential and commercial Valuations are not always required Loans from £25,500 A free legal option No monthly paymentsHow fast can you get a bridging loan?
The typical timeframe for bridging loan completion is between 72 hours (3 days)
and two weeks. However, this can vary depending on a number of factors, including
the lender's processing speed, the complexity of the application, and the availability
of funds.
Bridging loans are typically processed and funded much faster than traditional mortgages. In some cases, you could receive your funds within a few days of applying. This is because bridging lenders aim to provide quick access to funds for borrowers who need to bridge the gap between two property transactions or finance short-term projects.
What factors can impact the speed of a bridging loan?
Several factors can influence the processing time of a bridging loan application,
including:
How can I ensure a faster bridging loan process?
You can do this by ensuring:
Do bridging loans require credit checks?
Yes, bridging lenders will conduct credit checks to assess your financial suitability for a loan. They will typically check your credit report, income, and employment history to determine your creditworthiness and ability to repay the loan. However, they may be more flexible than traditional mortgage lenders, and they may consider alternative factors such as the value of the property you're borrowing against and your intention to repay the loan quickly.
Bridging loan lenders typically perform credit checks on borrowers. This
is because credit checks provide lenders with valuable information about a borrower's
financial history and creditworthiness. Lenders can use this information to
assess the borrower's risk profile and determine the interest rate and terms
of the loan.
However, not all bridging loan lenders are the same. Some lenders may be more
flexible with credit requirements, especially for borrowers who have a strong
deposit or alternative collateral. Additionally, some lenders may offer pre-approval
based on a soft credit check, which will not affect your credit score.
What banks offer a bridging loan?
Bridging loans are short-term loans that are typically used to bridge the gap
between the purchase of a property and the sale of another property. They can
also be used for a variety of other purposes, such as renovations, development
projects, or business acquisitions.
There are a number of banks that offer bridging loans, including:
The terms of bridging loans can vary depending on the lender, the amount of
the loan, and the purpose of the loan. However, bridging loans typically have
higher interest rates than traditional mortgages. Additionally, bridging loans
may have shorter repayment terms, such as 12 or 24 months.
Can I get a bridging loan with no money?
Yes, in some cases, you may be able to get a bridging loan with no money. This
is known as a 100% bridging loan. However, this option is typically only available
to borrowers who have significant equity in another property that can be used
as collateral for the loan.
Here are some of the requirements for getting a 100% bridging loan:
Even if you meet all of the requirements for a 100% bridging loan, it is important to note that these loans are typically more expensive than traditional mortgages. This is because they are considered to be riskier for lenders.
Bridging loans are secured against a property, which means the lender has the right to sell the property if you fail to repay the loan. This security provides lenders with increased confidence in borrowers, making it possible to approve loans even without upfront cash deposits.
However, it's important to note that borrowers with no money may face higher interest rates and fees due to the increased risk involved. They may also need to provide stronger collateral or demonstrate a clear exit strategy for repaying the loan.
Is it easy to get bridging finance?
Obtaining bridging finance can be challenging, but it's not impossible. The
process typically involves a more stringent application and higher interest
rates compared to traditional mortgages. However, if you have sufficient collateral,
a strong credit history, and a clear plan for repayment, you may be able to
secure bridging finance.
We offer a quick turnaround with fast bridging loans, and in some cases, we will approve and get you the finances you need in 24 hours.
Funding is provided for all manner of development needs, from light to heavy refurbishment or a complete development build.
A bridging loan can be a good way to stop yourself from falling into bankruptcy, giving you an urgent cash injection when needed.
Business finance can be obtained through bridging finance and can be used for a variety of purposes for your business.
Consolidate your debts into one monthly payment by using a bridging loan to bring your finances back into shape.
An unexpected tax bill could create a real strain on finances. Use bridging loans to pay your taxes.
A bridging loan can be used to take your mortgage out of arrears and stop the home from being repossessed in the process.
Our quick and easy bridging loan calculator can be used to easily identify repayments on a bridging loan with just a few clicks.
Bridging loans have risen to the forefront over the last 15 years, offering a dynamic solution to expedite buying a house.
Small Business loans come in a variety of formats and are tailored to specific sorts of enterprises and their needs. Contact us for help.
Business Address: Office Block 2, Kibworth Business Park, Kibworth Harcourt, Leicestershire, LE8 0EX
Telephone: 0116 366 6338
Email: contact@ukbridgingloans.uk
0116 366 6338
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