Call our team on: 01332 300 300
A bridging loan is a short-term loan that helps bridge the financial gap between the purchase of a new property and the sale of an existing one. It provides temporary funds until a long-term financing solution is secured or the existing property is sold.
Bridging loans are used to prevent delays or seize time-sensitive opportunities. They have higher interest rates, require collateral, and offer quick access to funds.
The eligibility criteria for a bridging loan can vary depending on the lender and specific circumstances.
However, here are some common factors that lenders typically consider when assessing eligibility:
Bridging loans are secured loans, meaning the borrower needs to provide suitable collateral, usually in the form of a property.
Lenders assess the borrower's ability to repay the loan, considering factors such as income, assets, and existing debts.
Lenders may review the borrower's credit history to assess their creditworthiness and evaluate their ability to manage financial obligations.
Lenders will want to know the borrower's exit strategy, that demonstrates the borrower's ability to repay the loan within the agreed-upon term.
There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance area to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.
The advice and financial services I have recently had from Charlotte at Morgage And Finance Ltd in Derby has been first class. Very professional, helpful, efficient and supportive. I wholeheartedly recommend them.
Suzanne and Charlotte were amazing and made the process of buying our first home completely stress-free for us. They were both on hand if we ever had any problems/questions and always responded with knowledgeable and completely honest answers. I would highly recommend.
If I could rate this company more than 5 stars I would. I cannot fault the service and support my partner and I have received whilst getting our first mortgage together. Ian and Megan have been amazing, making the process completely stress free. They were both on hand if we ever had any questions. I would highly recommend. Thank you!
There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance arena to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.