Bridging loan requirements
Each lender will have its own requirements for offering bridging finance, especially as these deals can be very flexible in nature and for large sums (from around £250k up to £50 million and above.) All property bridging loans are likely to have these requirements, however:
You will need to provide a deposit
Property bridging finance companies will ask for a deposit which is likely to be around the 25% mark, although this can vary widely. The higher your deposit or equivalent equity, the lower the interest that you are likely to pay.
An exit strategy
The borrower will need to be able to evidence a clear exit strategy that will repay the bridging finance on the due date. We can help you to present your exit strategy and project information in the best possible way so that lenders can rapidly review it for quick bridging finance offers.
A strong track record
As mentioned previously, this type of loan is for experienced borrowers with a track record in the field, especially as the sums on offer can be very high indeed for large commercial projects. Bridging loans can easily be abused or used incorrectly – resulting in incredibly expensive situations where the loan continues beyond its redemption date, racking up interest and late-payment fees.
We provide all the necessary information to our clients to make the best possible decision about the right type of finance for their project and needs.
To get the best deals, use a broker!
Most property bridging lenders prefer to work with a broker as it makes their processes faster and more efficient. A broker knows how to package up applications in the best possible way for lenders to review, and can smooth out the application process so that the bridging loan can be organised and completed in the shortest possible time. For this reason, most lenders will only offer their best rates via brokers.
Hank Zarihs Associates works with an excellent panel of lenders to provide highly competitive rates and flexible bridging loans to our clients, with deals completing in a week on average (but with some lenders able to complete within three days, or even faster than this if the client requires speed as a priority. For instances where you require a bridging loan completion date within just a few days, please call us immediately to get the ball rolling.)
We can help arrange financing
No matter how complex, as a leading development finance broker, we can help you get a bridging loan! Contact us today on +44 (0) 20 3889 4403 to speak to our team from 9 am to 9 pm, Monday to Friday. Alternatively, we can call you back at a time that suits your schedule – if you prefer this, please complete the web callback form and we will get in touch to progress your bridging loan without delay.