Bridging Loan Types
Residential Property Loan
The most common use of a residential bridging loan is when you would like to purchase a new property but have not sold your existing property. In these cases it is possible to take out a short term loan that can be repaid when your old property is 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 the situation where a high street lender cannot lend on a property because it is uninhabitable.
If you need quick, fast, professional advice then please complete our application form.
The bridging loan calculator can be used to determine the basic costs of bridging finance and bridging loans in the UK. The bridging loan calculator however only provides the costs for 1 type of bridging finance and as many types of projects are funded by bridging loans in the UK a discussion with one of our qualified advisors will additionally help to ensure an accuratation is received.
Criteria for Residential Property Loan
- Maximum 1st Charge Loan — 75% LTV. This can increase to over 100% with additional security
- Minimum loan size – £25,001
- Minimum term — 1 day
- Maximum term — 12 months. Extensions can be agreed in certain circumstances
- Interest Rate from 0.43% per month