With an ever-increasing number of commercial developers, buy-to-let landlords, and other UK property investors turning to bridge loan providers for fast and flexible financing options, one of the country’s most reputable brokers has recently introduced a new online tool that is designed to give a clear picture of the overall value and affordability of any given borrowing product. With the new bridging loan calculator on the Bridgingloans.co.uk website, potential borrowers are able to see in an instant just how much a secured short-term loan will cost, including the amount of interest they can expect to pay and any additional fees.
Initially devised as a short-term finance product that serves as a necessary and convenient bridge between two property transactions that may otherwise prove impossible to fund, bridging loans are completely unrivalled in terms of the speed at which they can be arranged, repayment flexibility, and the low cost of borrowing they provide. With the new bridge loan calculator provided at Bridgingloans.co.uk, working out the precise cost of taking out such a loan has never been easier, and the tool can be used without any obligation to apply.
Quick and intelligent finance
“Over the last couple of years, the team at bridgingloans.co.uk has come to realise that the vast majority of first-time bridge finance borrowers want nothing more than to check the figures in order to see just how viable this type of short-term loan product can be. Although bridging loans are a less common type of finance in comparison with residential or commercial remortgaging products, they are relatively simple to understand and much easier to apply for. However, many people are unfamiliar with the borrowing terms and how the fees and interest rates are worked out, which is why we introduced our quick and easy free online bridging loan calculator tool.”
The main difference between bridging loans and most other types of secured mortgage products is the length of time that funds are required. A mortgage, whether taken out for residential or commercial purposes, will typically be repaid over a 10, 15, or even 25-year period, whereas a bridging loan will usually be paid back within 12 months or less.
With a mortgage, the interest is calculated and charged annually, and the cost of borrowing can be tremendously high if the repayments are spread over many years. However, with bridging finance, the money is repaid much more quickly, which means the amount of interest a borrower can expect to pay is significantly lower.
Working out the cost of borrowing
“If you are thinking of applying for a bridging product, then our user-friendly online loan calculator will provide a quick and reliable insight into how much everything will cost. Unlike a residential or commercial mortgage, repayments are not usually made on a month-by-month basis. Rather, the borrower receives a net sum, which is typically paid back in full at the end of the loan term with any interest charges and additional fees rolled up and added to the remaining balance. Please note that when using our online bridging loan calculator, the maximum LTV amount is 75%. If you need to borrow more than this, then you will need to contact one of our brokers for an accurate cost.”
Bridgingloans.co.uk is a fully regulated, independent bridging specialist with full market access and the ability to source additional funds from an exclusive panel of lenders who will consider any application based on its own merits. In certain instances, Bridgingloans.co.uk can also act as a principal lender if deemed necessary. All products are competitively sourced in order to provide the lowest possible interest charges and the least significant fees.
Whether you are looking to buy a new home or business property, invest in a buy-to-let venture, or cover the cost of urgent repair or refurbishment work, Bridgingloans.co.uk can save you time and money with a fast, reliable, intelligent, and affordable borrowing solution.