Traditionally bridging was used to buy a property while waiting for another to sell. They were looked at last resort options.
In the last 10 years or so they have seen dramatic falls in cost and have sky rocketed in popularity.
They are very popular options for developers looking at refurbishment or conversion projects.
Bridging Loan Uses
You will find bridging to be versatile options.
If you need to buy a property quickly, such as at auction, a standard loan wouldn’t be fast enough but bridging could work for you.
There are also bridging facilities that can help you buy a property and provide staged draw downs to complete work.
If a project needs significant structural work, it could be refinanced to a development loan, assuming the relevant planning is in place.
They are cost effective options where an existing building is being used as the security, such as with renovations and conversions.
As with development loans, you will have a bridge giving you purchase finance and money for work, in arrears stages.
Cost Effective Options
The funding market for bridging is very competitive as the rates you can get show.
Lenders are, it seems, constantly cutting rates in a bid to gain market share.
These facilities generally don’t have exit fees or penalties for early repayment.
I have a panel of quality lenders, with good reputations, ready to help you with your project.
There are hundreds of lenders out there but I work with those I know I can trust to provide funding for my clients.
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