Bridging Finance Specialists
Loans from £30,000 upwards
Home-mover 'Mortgage Gap' funding from 7% per annum
Timing is everything and if you need to quickly secure short term bridging finance then we can help you for both business and residential purposes. We are the UK's Bridging Finance specialists lending our own funds and we will provide you a fast and responsive service to any short term finance need, customising a solution to your exact requirements. You will be surprised how straightforward and simple the process can be -
CALL US TODAY on 0845 838 1954 submit an application or request we call you back.
How Bridging Finance Works:
Short term loans or flexible'Bridging finance' is secured via a legal charge on freehold and long leasehold property on either a first or second charge basis but a loan can also be secured on land or other property assets. A first legal charge would be taken where no other borrowing is secured on the property and a second charge taken where an existing lender is in place.
Open and Closed Bridging Loans:
An 'open' bridging loan is a loan where the exit or repayment method is known but not yet fully formalised (ie. the sale of a property which is currently being marketed). A 'closed' bridging loan is a loan where the exit or repayment method is fully finalised (ie. the sale of a property where an exchange of contracts has taken place).
What Costs are Involved in setting up a Bridging Loan :
Valuations:
In most cases it will be necessary to pay for an independent valuation of the asset(s) being offered as security. Costs for the report do vary dependent on the type of security but as a guide you should budget £1.50 to £2 per £1,000 of property value.
Legal Fees:
The borrower will also be required to pay the lenders legal fees associated with setting up the loan and agian these vary dependent on the type and value of the security and the number of properties involved, please budget £400 - £1,000.
Set Up Fees and Interest Rates:
Set up fees will generally be circa 1% of the loan amount and interest rates from 7% per annum for 'GAP' Loans and in the range 1% to 1.75% per month flat rate for Non-Status and Commercial Bridging Loans. Please note that with our home-mover GAP loans the single arrangement fee covers all lenders costs inclusing any valuations required, lenders legal fees and arrangement fees. In all cases when we offer terms for a Bridging Loan we will clearly and transparently set out all the indicative costs associated with the type and size of loan you require.
We offer Bridging Finance for any legal purpose including:
- Finance for Commercial and Residential property purchase - open ended and fixed term agreements
- Finance for property auction sales, tax bills and any other creditor demands
- Finance to stop property re-possessions.
- Finance for employed, self-employed and generally with no proof of income required
- Short term Property development finance for established professional developers and individual investors
- Mortgage 'gap' finance to allow you to complete on a residential purchase when your own sale is delayed or fallen through
Key benefits of our Bridging Finance Products:
- Residential Bridging Loans from £30,000 to £2 million
- Commercial Bridging Loans from £100,000 to £15 million
- 1 month to 12 month terms with daily interest rate calculations.
- Most competitive interest rates starting from just 7% per annum for home-mover 'GAP' loans.
- Interest 'roll up' during the term of the loan may be possible.
- Loan to value (LTV) up to 75% of the security value.
- Additional funds advanced if other security is available.
- Same Day and short term ' Purchase and Re-Mortgage' arrangements for closed bridging loans.
- Bridging for property refurbishment projects - Initial Advance followed by stage payments.
- Same day 'in principle'decisions and funds advanced rapidly once Solicitors are instructed
- Property Valuations and Legal Support arranged via our office if required.
- Fully managed service with regular progress updates
- Mortgage 'Gap' loan at near to bank base rates.
For more details of the unique 'Mortgage GAP' product - click here.
Our finance team will handle the entire process on your behalf and ensure this is as simple and straightforward as possible. Call us now on 0845 838 1954. Office open daily from 09.00 am to 7.00 pm. In emergency situations and out of office hours please call 07730 065192 ( leave a message if necessary).
Decision timescales:
Call us today or submit an application and we will normally be able to give you a decision in principle immediately and can arrange payout within days subject to completion of legals and any required valuation process.
Quick enquiry
Call us today
Telephone White Rose Finance on 0845 838 1954.