Get a Free Quote on a Competitive Woolwich Bridging Loan
Bridging loans are short-term financial products that can be secured on any property type imaginable, from residential dwellings through to commercial real estate such as development land – or even industrial units. At UK Property Finance, we search the whole bridging market on your behalf to ensure you get the best possible deal from a wide choice of lenders. Unlike a long-term product such as a residential or commercial mortgage, bridging loans can provide access to the funds you need in just five to seven days. This means that bridging finance is suitable for those situations where time is of the essences, such as buying a property at auction or solving those time-critical cash-flow problems faced by contemporary business owners.
How We Can Help
Our Woolwich Bridging Loan Services
With UK Property Finance, you can:
* Borrow between £25k and £50 million.
* Choose your own repayment terms – from 1 to 24 months.
* Roll up the interest charges and other fees until later.
* Apply for bridging finance whether you are an individual or company.
* Enjoy the best rates – with products sourced from the whole market.
* Get access to funds quickly – (with a 5 to 7 day turnaround).
What is a bridging loan?
A bridge loan is a short-term borrowing product that is traditionally used to bridge the gap from one property transaction to the next. For example, if a homeowner has decided to move and they have found a new property that they want to buy, yet they have insufficient funds because they are waiting for a currently owned dwelling to sell on the open market, they can free up the equity in their present home using a bridging loan. The bridge loan itself will typically be repaid as soon as the funds are available.
The Main Types of Bridging Finance
Now, if the property has already been sold (i.e. the contracts have been exchanged) and the seller is simply waiting for the funds to clear – the type of loan required is referred to as a closed bridging loan. Closed bridging loans are the most common type of bridge finance and are usually the quickest and most readily available type of funding. In cases where a property is still on the market and no buyer has yet been found, the type of finance required is known as an open bridging loan. Many lenders are more reluctant to provide open bridging finance, although this is not always the case.
If you need more information about the different types of funding available, then simply call our team and they will explain all the options.