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Bridging Finance

As the name suggests, this is a loan to bridge the gap whilst you wait for something to complete ie:-

If you are selling your home and you see the house of your dreams before your sale has complete, a bridging loan may be the answer to missing out. A bridging loan is designed to the convenience of the borrower in order that they may borrow an amount of money whilst waiting for the proceeds of their homes' sale to come through.

They are often used when a transaction needs to be completed quickly as they can be arranged in days. The loan is secured against property or land in the UK on a first or second charge.

They are an invaluable help in cases of temporary cash shortfall.

They usually only last for between 3 and 12 months and the interest rates can vary, but are usually around 2.5% a month. Some lenders may also add an administration fee. 

Aswell as residentail property. a bridging loan can be used for:-    Commercial Property, Land Purchase, Renovations, Purchasing Property at       Auction, Tax Bill Payments, Weddings or even a Dream Holiday.

There are two types of bridging loan:-

Closed:- finance for people who have concluded the sale of their property but need to pay for a new property before proceeds have been received.

Open:-  finance for people who have not concluded the sale of their property but still need funds urgently to conclude a purchase or settle an urgent debt (ie inland revenue) because they are convinced that their house/asset sale is imminent. This is a very risky and expensive course of action to take and is not for the faint hearted. Legal advice is recommended.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE