Bridging Loan Information for Applicants
If you need a "Fast Bridging Loan" but need more details on what information a lender will require to make a decision on whether finance can be offered, then this is the page for you.
All bridging lenders will want to know the method of repaying any loan. As interest is charged monthly costs can quickly build up, so knowing how and roughly when the loan will be repaid is a prerequisite of any application. Loans can be made on a first, second or sometimes even third charge basis. However lenders will typically need more equity to be available for anything but a first charge loan.
For a non-status application only basic information is required, income details will not be needed.
Information Requirements
To supply an accurate quote we will need the following information:-
- The current open market value of your commercial or residential property.
- The amount of any loans secured against the property and with which lender(s).
- Details of any previous or current credit problems.
- Don't worry about any credit problems, bridging loans are non-status, but any lender needs to know the details as part of any application. Failure to declare at the start may result in your application being declined.
- How you intend to repay any offered loan.
Providing there is sufficient equity in the property offered then bridging finance can offer a quick solution to raising cash.