WHAT IS A BRIDGING LOAN?

No matter what the purpose of the loan, bridging offers a wide range of personal and business financial solutions.

What is a bridging loan?

Bridging loans are a temporary short-term loan, intended to be used to ‘bridge’ a gap in finances when purchasing property.

They are often used to purchase a property while waiting for the sale of another to complete. For example, a residential buyer may use a bridging loan to secure a deal on a preferred property while their existing home is sold. A bridge loan could also be used when buying a property at auction, where the deal would need to completed almost immediately. They can also be used when buying a property to renovate and sell on.

Bridging Loans are considered a specialist but flexible finance option and for this reason are often used for commercial property refinancing.

Because a Bridge Loan is only intended to bridge a gap in available finance they are typically provided at higher interest rates than longer-term mortgages. The term of the loan is typically 2-12 months but can range to a couple of years. During the agreed term the loan is secured against equity in the property.

No matter what the purpose of the loan, bridging offers a wide range of personal and business financial solutions.

To discuss how we can help you with your case, contact us today at 0808 169 5951 / 01992 536 100.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Only Bridging & Loans Ltd t/a Only Bridging is authorised and regulated by the Financial Conduct Authority under FCA Permission Number 709671 and is registered on the Data Protection Register with the Information Commissioner's Office registration number Z9518230 Registered office address: 1 Nelson Street, Southend On Sea, Essex, SS1 1EG Company number 05038750.