Residential Property Loan
Residential bridging finance is most commonly used when buyers wish to purchase a property they have found but have not yet secured a sale on their current property. Bridge finance is a short-term funding solution that will be repaid once the property has sold.
Ways to use a residential bridging loan
A residential bridging loan can also be used to repay debt, purchase new investment properties, or even for home improvements. Our specialists can work from the market value of the properties, not just the purchase price, which is the case with many high-street lenders.
A bridging loan for renovation is also very useful in situations where a high-street lender won’t lend on a property because it is uninhabitable.
The bridging loan calculator can be used to determine the basic costs of bridging finance and bridging loans in the UK. The calculator, however, only provides the costs for one type of bridging finance, and as many types of projects are funded by bridge loans in the UK, a discussion with one of our qualified advisors will additionally help to ensure accurate costing is received.
Criteria for a residential property loan
The following criteria points apply:
- Minimum term: 3 months.
- Minimum loan size: £25,001.
- Maximum term: 12-18 months.
- Maximum 1st Charge Loan: 75% LTV, can rise to 100%.