Bridging loans are a solution for many of our clients looking to purchase or refinance a property which falls outside of the mainstream lending. The short-term funding option typically used by property buyers to ‘bridge’ the gap when purchasing a new property and either gaining capital from the sale of their current home or waiting for a traditional mortgage to be approved.
A common use for short-term lending is for properties purchased at auction/requiring works to make habitable. Speed is key and we can accommodate this to comply with completion terms for auction purchases. When it comes to refurbishments the rate and lender will vary depending on the extent of works needed and what the exit strategy is i.e. sell the property or refinance or live in it.
Unlike other forms of borrowing, the monthly interest is often rolled into the loan, meaning there are no repayments to make during the term of the loan, and the loan is repayable at the end of the term. Whether you are sourcing bridging finance for an auction purchase or a collapsed chain, here at Mortgage Evolution we understand that speed is of the essence and we will endeavour to secure your bridging finance as quickly as possible.
What can you expect from a bridging loan arranged through Mortgage Evolution?
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.