Bridging Finance Broker
Bridging Finance London is specifically for individuals who require 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 Solutions
Unique Property Finance is a specialist short-term Bridging finance broker and has access to exclusive Bridging Loan products from market-leading providers.
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Expert Bridging Loan Brokers
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 listen attentively to our clients, so that we can fully understand their bridging finance requirements and how best to meet their goals.
Dedicated Bridging Finance Service
We offer our bridging finance clients a personal service. We provide you with a dedicated bridging finance broker who fully understands your requirements and sources the best financial product for your circumstances, all whilst ensuring the process is as simple as possible.
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.
Can bridging finance be used to purchase unmortgageable and problem property?
Yes. Bridging finance can be used to fund the purchase or renovation of properties that may be considered unmortgageable due to various issues, such as structural problems, failed EPC ratings, or being deemed non-habitable by surveyors
Can I get a bridging loan if I have bad credit?
It may be possible to get a bridging loan with bad credit, but the interest rates and fees may be higher and the lender may require additional security or a lower loan-to-value ratio. It is best to speak to our Bridging Finance brokers.
How much can I borrow with a bridging loan?
The amount you can borrow with a bridging loan depends on the value of the property being used as security and the lender's criteria, but typically ranges from £25,000 to several million pounds.
Get in Touch with Bridging Finance Experts
Unit 3, Mountview Court,
310 Friern Barnet Lane,
London N20 0LD
Give us a call or send an email to book an appointment. We endeavour to answer all enquiries within 24 hours on business days.
We are open from 9:30 am — 6:30 pm Monday - Thursday & 9:30 am — 5:00 pm Friday.