A short-term borrowing product such as an adverse credit bridging loan can be used for a variety of different reasons. Perhaps you are looking to raise funds to purchase a new property while waiting for your current home to sell.
You could be a business owner or experienced property developer who hit by an unexpected cash flow crisis or a poorly timed tax demand with very little time to pay. Whatever your reason is for borrowing the money, adverse credit bridging finance can be approved and paid out quickly, giving you enough time to make that property purchase or to settle that urgent tax demand before it ends up too late.
The amount that can be borrowed will be dependent on the plans for the funds and the value of the security that the loan is being guaranteed against. Our brokers will be able to tell you swiftly how much you could borrow as a maximum, and what terms of expect such as length of finance and the rate / fees applicable.
In order to qualify for a bridging loan there needs to be a valid reason for the finance. This can cover a range of areas, which our advisors will help you with. There are lenders who will be comfortable with poor credit profiles and low income situations, whilst the most suitable lender and deal will be determined by the overall lending proposal.
Bridging finance is a essentially short-term funding option used to 'bridge' a gap between a debt coming due and the main line of credit becoming available. It can also be used to fund a new purchase as a means of short-term credit, typically up to a term of 1 year, and is relevant when a conventional form of lending is unavailable / unsuitable.
To apply simply get in touch with one of the team, who will talk you through the options and take further details from you as to your plans. Click on our ‘contact us’ page for details on how to get in touch with us.
Bridging loans are not necessarily cheap compared to the setup costs of a conventional mortgage, however this is dependent on your circumstances, preferences, and the deal selected. You can elect in most cases to have fees added to the loan, which is something your broker will explain in detail, and show you all scenarios available.
Arranging a bridging loan can be done relatively quickly if needed. We’d act promptly to get your file built so there is no delays in providing the advice and submitting the subsequent application. Our case management team will then work closely with yourself and the lender to ensure a swift turnaround time is met.