Residential bridging loans
Previous years brought a lot of things into focus for a lot of people, and one of those was our homes and living spaces. Whilst many expected property to have a bit of a dry patch in previous years, pretty much the reverse was true and the property market has enjoyed a remarkably successful stretch.
With that in mind, there has been an explosion in the popularity of home improvements, property purchases, Buy-To-Let purchases and in other areas of the property market too. This has, in turn, led to a boom in popularity for things like residential bridging loans, bridging loans and property finance more generally.
Residential bridging finance, for example, is now much more popular than it once was with many now looking to convert property for profit with the potential to make good money better than almost at any other time.
Investors have been noticeably increasing their exposure to the market in recent times, and this has meant that many finance companies are now specialising in these areas for their clients to ensure they’re offering the best products to this expanding base.
What is residential finance?
These types of residential bridging loans are basically a short term finance option for people who are looking to use their own home as security against a loan that can be used for a number of different things.
As an example, these bridging loans can be used to renovate a property, for an auction property, or for building an extension or renovating your own residential house. A residential bridging loan is usually a good option in these circumstances.
How does residential bridging finance work?
A residential bridging loan is designed to cover funding gaps over a relatively short term compared to traditional lending such as a mortgage or standard loan. They’re called bridging loans because they’re designed to bridge the gap between certain events or situations. Most of the time our clients use these types of bridging loans and finance for renovating houses or for other types of property development. For those looking to start a development, many use bridging loans or finance to buy materials, purchase properties at auction or to cover a chain breaking down.
Bridging loan examples
There are any number of reasons why our clients may use bridging loans or finance. Here are a few examples of what you may use bridging loans for, however, to see how they may be able to help you. For example, to raise quick funds for a project if somebody needs access to cash quickly. Some use bridging loans for extending the lease on a property before selling it, or to fund the extension or refurbishment of their house. Many of our clients use bridging loans or finance to purchase a house at auction, due to the fact the funds must be paid within 28 days of the auction for the sale to complete. Some use them to complete the purchase of a house before there is sold and some use bridging loans or finance to pay debts when they fall due. Again, though, there are many reasons why our clients use bridging loans or finance and these are just a few examples, if you’re unsure about whether this type of loan is right for you simply speak to one of our brokers who are experts in this type of finance.
Is residential bridging finance available to anybody?
Theoretically yes, it is, however, there are some things you’ll need to qualify. This type of loan is different to a traditional bank loan in that the lenders aren’t quite as interested in your personal credit history as much as your track record in property development, your plan and how you intend to repay the loan, as well as the security you’re able to offer. Broadly speaking, however, anybody could get a bridging loan. The best advice is to speak to one of our brokers or one of our experts and they’ll be able to advise you on exactly what you’ll need and whether you qualify for a loan.
Apply for residential finance
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Use our bridging loan calculator
We’ve included our handy calculator below to allow you to see what these types of bridging loans may cost, and this will give you a better idea of what is involved and what you might pay if you’re successful.
Simply fill out the criteria in the blank boxes and the calculator will instantly show you a representation of what to expect.
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Alternative to bridging loans to raise finance?
Of course, a bridging loan isn’t always the best option for everybody, and there are some other options you consider before applying. We always offer free, confidential and straight forward advice to all our clients and we’ll always look to the best solution for your personal circumstances, so here are some other options.
Mortgage
It may be the case that getting a mortgage may be a better option, or potentially you could re-mortgage your property if you have equity available to access. Mortgages offer a longer term solution to a bridging loan, and could be better in some situations if you’re looking to finance over a longer period.
Savings
If you’ve got savings available it may seem an obvious thing to advise, but in some circumstances you may be better off using that cash if it’s only to plug a short term gap as there won’t be interest to pay and this can be quicker.
Specialist finance
We offer other types of specialist loans such as mezzanine loans which are very specific types of loans that would usually require you to have some experience before applying, however, we have a team of experienced expert brokers who can talk you through all the available options and let you know if a more specific type of finance might be suitable for you rather than, for example, a residential option.
Speak to an advisor
We’ve built a team of expert brokers over a number of years who are specialists at what they do.
Our team have many years of experience between them and have worked on millions of pounds worth of financing for our clients, so they know what they’re talking about and are in a position to give you the best possible advice for your personal situation.
Thanks to our supportive and detailed application process, we always advise our clients from start to finish. This means that when we submit your application to our panel of lenders they know that we’ll have taken the time with you to ensure we’ve gotten things right, and this gives them the confidence that we’ll only put forward with a good chance of acceptance.
This has allowed us, over the years, to build a very good relationship with our panel of lenders and this means that in many situations we’re able to offer you exclusive rates and deals that aren’t available in other places.
Further to that, we know that the process of looking to get finance for your development can be extremely time consuming and stressful, and our process removes that added stress from the process for you. We know speed is of the essence in most circumstances so we’re able to work with you closely to ensure that we waste no time and in many cases we can have the funding sorted and with you within 72 hours.
Why not get in touch with one of our expert brokers to discuss your circumstances and see how we might be able to help you.