Open Bridging Loans
Is an open bridging loan the correct solution for you?
This loan solution is for applicants with a known method of repayment however the actual date when funds will be available is yet to be determined.
Most bridging loans are written on a open basis!
A temporary short term secured loan can be ideal for many circumstances. For instance, a bridging loan is geared towards speed and in the right circumstances finance can be offered in the morning and drawn in the afternoon. The pre-conditions for such a high-speed loan would be that a solicitor would already have all the information required for a property transaction and that a suitable and acceptable valuation has already been done. A much more likely timescale is 5 to 10 working days, the actual timing will depend on all parties involved moving quickly.
There are a number of situations where bridging finance may be able to help. One perfect example is where a property is being purchased that has been subject to a loan retention from a mortgage company. This can happen where a property is derelict or uninhabitable, a bridging solution could come to the rescue here with the long term mortgage used to repay the short term loan on completion of any required remedial works.
Other possibilities include:-
- Raising capital to support your business such as for payment of unexpected bills.
- To make a business purchase or for a management buy out.
- To purchase land with a view to obtaining planning consent.
- To make further property acquisitions.
- Payment of tax bills such as VAT.