Bridging Loans
Updated: 31st October 2008 (PM)
Predominantly used to acquire land for development where speed is of the essence. They are also used to complete the purchase or temporary refinance of a property, where a firm sale is agreed within a short timescale and written evidence is available. Bridging Loans can also assist where funding has been agreed by a Bank, but there is a delay in the availability of the funds. Short-term bridging loans can be quickly arranged on a completely 'non-status' basis, i.e. no accounts required, no income proof required. Clients with CCJ's/Defaults considered.
Residential property : Up to 75% of Open Market Value. Rate 1.7% per month. Any purpose.
Commercial property : Up to 70% of Open Market Value. Rate 2% per month. Any purpose.
If the loan requirement is less than the maximum stipulated above, then better terms may be available.
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