Recent years have seen Masthaven Bank become a firm favourite among discerning borrowers across the country. Nevertheless, Masthaven is just a single bank offering a single product portfolio for its customers. If you’re looking to tap into the best deals the UK has to offer, it’s important to scour the market in its entirety. So before making a move for Masthaven Bank, find out what UK Property Finance can offer you!
As a whole-of-market broker, we offer quick and easy access to thousands of dynamic financial products from Britain’s best lenders. If you’re looking for a bridging loan for any purpose, you won’t find a better deal than right here at UK Property Finance!
Common Uses of Bridging Loans
If you’re new to bridging loans, you may be wondering what this kind of finance can be used for. One of the biggest advantages of bridging finance is its flexibility. If approved, the funds you receive can be used for absolutely any legal purpose.
Nevertheless, there are some applications for bridging loans that are more popular than others, such as the following:
Rapid Property Purchases
If looking to snap up the property of your dreams before someone else beats you to the punch, bridging loans are ideal. You take out the loan, you buy the property and you repay the loan in full when you sell your current home. All with the lowest possible borrowing costs.
Buying Property at Auction
The same also applies when buying property at auction, where full payment is usually required within 28 days. As bridging loans can be paid out in as little as 48 hours, this is more than enough time to source the funding you need to cover the purchase.
If you find yourself facing a temporary yet significant shortfall, a bridging loan could help prevent repossession proceedings. Simply by borrowing a modest amount against the value of your home, you may be able to tide things over until your financial situation improves.
Bridging loans can also be ideal for meeting unexpected expenses as a business owner. Urgent tax payments, staff salaries, repairs, inventory purchases – all essential for keeping your business afloat. If you don’t have the funds available at the time, a bridging loan could be ideal.
More property developers than ever before are turning to bridging loans to fund projects of all shapes and sizes. The loan is used to facilitate completion of the project, after which it is repaid in full when the respective property has been resold or refinanced.
Property Conversion, Renovation and Refurbishment
Last but not least, homeowners and property developers alike often use bridging loans to cover the costs of home improvements. From simple decorative enhancements to more extensive renovations and extensions, bridging loans are an accessible and affordable option.
Call for a Quote…
If you have any questions on any aspects of bridging loans, we’d be delighted to hear from you. Contact a member of the team at UK Property Finance today for an obligation-free consultation.