Bridging Finance Enfield
Our Bridging finance Enfield team specialises in arranging short-term loans, typically taken out for a period of 3 months to 3 years pending the arrangement of larger or longer-term financing.Request a Call Back
Bridging Loans Enfield
Unique Property Finance are specialist short term finance brokers and have access to exclusive products from market-leading providers.
With over 10 years of experience in providing short-term bridging finance in Enfield, we have access to a large panel of lenders which in turn allows us to provide the most competitive terms to our clients.
Whether you require fast access to funds due to a chain break or have a more complex scenario that requires bridging finance Enfield, Unique Property Finance has the knowledge and expertise to deliver a tailor-made solution to suit your needs.
Please call our bridging finance Enfield team to have an initial discussion with one of our experts.
Speak to a broKer
Our mortgage brokers and account managers have worked in the sector for over 20 years and in this time have been successful in finding solutions to a wide range of bridging finance scenarios.
We offer a personal service, and provide each client with a dedicated bridging finance broker in Enfield who ensures you fully understand the financial product you are selecting and makes sure the process is as simple as possible.
Investing in Enfield Property
Enfield is a London borough in North London. It borders the London boroughs of Barnet to the west, Haringey to the south, and Waltham Forest to the southeast. The local authority is Enfield London Borough Council.
Enfield's population is estimated to be 333,794; it has more than 900 hectares of parks and open spaces and boasts a 27-mile New River Loop, the longest length of river corridor in London.
Enfield is a very popular destination for property developers and investors who are looking for good returns and interesting opportunities.
Speak to our dedicated Bridging Finance Enfield team to find out how we can helo you with your next project.
£4 2 5 k - Average House Price
£1,400 - Average Rent, 2 Bed
12% - Rental growth over last 5 years
48% - Proportion of Open Space
23 - Number of Train Stations
16 - Number of ‘Outstanding’ schools
Bridging Finance Examples
There are many scenario's when bridging finance can be used to assist clients when purchasing a property. Here are some examples of this:
Refurbishment of a property - This can include properties that are deemed not suitable security in their current condition by high street lenders and will have an enhanced value once the works have been completed.Our solution will include a possible exit strategy if re-sale of the property is not desired.
Conversion of a property - This can include converting properties back to residential use from offices or public houses for example, which can be purchased with or without planning permission.
Chain break purchase
This occurs when a buyer has found a new property but must complete immediately or face losing the property because the vendor does not wish to be in a chain. Alternatively clients may not want the added pressure of selling at the same time as buying or simply do not have time to sell their current home.
Also, a client may have lost the buyer for their existing property and time does not allow a new one to be found. In this instance, rather than waiting until a new buyer comes forward for the existing property and risk losing the new home, a bridging loan may be a suitable alternative.
Below Market Value Purchase
This is where a buyer has negotiated a purchase price well below the properties current value. Subject to the value of the property being confirmed it is possible to arrange a bridging loan that is based on the current value of the property and not the actual purchase price.
This means that the discounted purchase price can reduce the amount of cash deposit required. This type of loan is typically repaid via a remortgage or subsequent sale of property. Please note the remortgage cannot always be done within the first 6 months of ownership.
It should always be noted that given the nature of bridging funding, it is more expensive than a standard mortgage and should be considered only as a short-term funding option. It is also essential to establish the exit strategy at the point of application to ensure the loan can be repaid.
Frequently Asked Questions
Bridging loans can be quite complex to understand, our bridging finance brokers have shared some of the most frequently asked questions they've received.
What are the requirements for a bridging loan?
Bridging loans are usually secured on an asset like a property or business. The lender will require you to have an agreed exit strategy in place before agreeing to lend to you.
Can you turn a bridging loan into a standard mortgage?
Yes, this is key to obtaining a bridging loan. Lenders will require you to have an exit strategy which usually means refinancing the property through a high street lender, or the sale of the asset.
Bridging loans tend to be flexible when compared to standard mortgages and this might mean you are able to access the finance you require without too much difficulty. Most bridging lenders focus on the property and your future plans when making a decision to lend and therefore do not tend to have stringent "stress or affordability tests."
Do you need a deposit for bridging finance?
Yes, In most cases, lenders will require a deposit in order to provide you with a bridging loan. Some lenders are able to lend up to 75% loan to value.
How long does a bridging loan take?
Bridging loans are known for being super quick and very flexible. Some lenders are able to release funds just hours after the initial enquiry.
Do you need proof of income for a bridging loan?
No, in most cases bridging lenders will not require to see any proof of income. Some lenders will also take a view on all credit histories, including borrowers with CCJs and a history of arrears.