Non-Status bridging loans must track general mortgage criteria to ensure repayment is possible!

Non Status Bridging Loans

Historically specialist bridging lenders offer non-status finance secured against equity in property regardless of the applicants credit history. Is this still true in today's market?

Have Non-Status Bridging Loans Disappeared?

In an earlier blog we asked whether a "closed bridge" was still available. With the continuing decline in the general mortgage market can bridging lenders still offer a truly non-status loan?

Bridging loans have traditionally been available to all comers with available security, regardless of previous credit history. Debts could be settled with a bridging loan and "county court judgements" prevented. Mortgages were available for sub-prime customers and short term loans redeemed.

With fewer mortgage products available in general, mortgages for those customers who fall into the sub-prime segment of the market place have all but disappeared. In this climate, the bridging finance market logically cannot do anything but track the mortgage market and check an applicants credit status an make a judgement call on whether long terms funds can be secured.

Submitted by Bridging Loan Broker on Sun, 22/02/2009 - 18:38 Syndicate content | Bridging Loan Feed

Return to our Bridging Loan Blog