Bridging Loans

Bridging loans are only an option worth considering in specific financial circumstances whether you're a commercial or private borrower.

However, as they're generally provided by specialist companies all manner of situations can be considered and catered for.

What can bridging finance be used for?

Bridging loans are only an option worth considering in specific financial circumstances whether you're a commercial or private borrower.
However, as they're generally provided by specialist companies all manner of situations can be considered and catered for.

Common uses for bridging loans include funding:
•Securing a house purchase until your existing property is sold
•Covering a break in a property chain so you can buy a new home while waiting for a mortgage
•Completing a building project if the next tranche of your self-build mortgage isn't released until stage-completion
•Renovation and redevelopment; altering an existing property structurally or cosmetically with a view to resale or refinance
•Buying a property at auction
•Paying a tax bill
•Funding a new business venture
e.g. buying time to raise money internally and/or generate investment
•Business invoice finance to help with cash flow while you're waiting for money to come through
•Paying for work to be completed so a mortgage can be agreed; for instance if your mortgage offer is contingent on some basic work being carried out to make it habitable
•Divorce settlement
•Lease extension
•Refinancing an existing bridging loan

Best Bridging Loan

Consider what you can afford to repay per month on the amount you need to borrow and check the best bridging loan rates to see which lenders fit your budget - and over what period. This will give you the security to know that you aren't going to be faced with massive repayments that are unrealistic for you to be able to afford.

Bridging loans are cheapest if you can repay them in full once your project's main financing kicks in, this means trying to confirm (as far as possible) your longer term cash flow prior to taking one out so as to minimise the length of time you need to borrow.

Remember, the short term nature of bridging loans means that set up fees - potentially running into £1,000s - can have an impact on the cost of the loan comparable to the actual interest rate. This means that when you are looking at the overall cost of the loan you should consider the cost of the set up fees as these may determine what the cheapest bridging loan actually is.

There are options for other types of secured loans which may be more appropriate to your needs.
At Lothian Mortgage Services we can arrange open and closed bridging so give us a call today to discuss your project.

Please fill in the contact form below for a FREE no obligation discussion.

Bridging Loan Query

The maximum unsecured loan is £25,000, yet homeowner loans can be as much as £100,000 if you have the right circumstances.

Lothian Morgtage Services

3 Chuckethall Place
Deans
Livingston
EH54 8AN

Hours of Operation

Monday: 9:00 - 19:00
Tuesday: 9:00 - 19:00
Wednesday: 9:00 - 19:00
Thursday: 9:00 - 19:00
Friday: 9:00 - 19:00
Saturday: 10:00 - 17:00
Sunday: 10:00 - 17:00


Home and Office Visits Available

Contact Us

Facebook

Facebook Lothian Mortgage Services
Review Us on Facebook

Newsletter Signup

Subscribe to newsletter

Copyright © 2018 Lothian Mortgage Services

Website powered by BT

Website powered by BT