Bridging Finance Hackney
Our Bridging finance Hackney 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 Finance Hackney
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 Hackney, 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 Hackney, Unique Property Finance has the knowledge and expertise to deliver a tailor-made solution to suit your needs.
Please call our bridging finance Hackney 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 Hackney who ensures you fully understand the financial product you are selecting and makes sure the process is as simple as possible.
Investing in Hackney Property
Hackney is located in East London and is one of the capital's 32 boroughs. It was originally a rural area of grassland and farms, which eventually gave way to suburban development in the late 19th and early 20th centuries. Its history is rich, with roots dating back to the Roman era.
Over time, Hackney has been a hub for different waves of immigration, which have greatly enriched its cultural and social fabric.
Hackney's population is estimated to be approximately 280,000. It has become one of London's most desirable and trendy areas to live in, attracting a diverse demographic due to its mix of historic and modern housing, green spaces, and cultural opportunities.
The borough's housing market has seen substantial growth over the past decade. This can be attributed to the significant regeneration the area has experienced. Hackney has seen considerable investment, resulting in new housing developments, improved public transport links, and increased local amenities, all of which have made it an attractive location for both investors and homebuyers. You can learn more about Hackney by visiting the London Borough of Hackney Website
Speak to our dedicated Bridging Finance Hackney team to find out how we can help you with your next property project.
Contact us today on 020 3645 4322 or use the form below to request a call back.
Bridging Finance Examples
There are many scenario's when bridging finance Hackney 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.