How can a bridging loan broker help you?
A bridging loan broker can help you find the best bridging loan for your needs. They will have a wide range of bridging loans from a variety of lenders, so they can find the best deal for you.
They will also help you through the application process, and will be there to answer any questions you may have.
So if you are looking for a bridging loan, a bridging loan broker is the best way to go. They will find you the best deal and make the process as easy as possible. For those would-be borrowers who haven’t yet used a broker, or who are unsure of what they are and want to learn the basics, then this article from Finbri should help “What is a bridging loan broker?”.
What to look for in a bridging finance broker?
Can anyone recommend me the cheapest and most affordable finance broker in the United Kingdom? No problem. Fortunately for you, there are plenty of specialist finance brokers available who can find you a suitable amount of capital to fund it.
There are several directories online the list the most prominent brokers and lenders in the UK such https://www.bridgingloan.org.uk and specialist brokers and bridging lenders who offer regulated bridging loans and unregulated bridging finance can be easily found here.
Leading bridging finance brokers
Providing expert advice in complex financial transactions. For example, Finbri is based in the UK and operates in all geographical regions from London to Northern Ireland. Stephen Clark from Finbri says “Its important to find a broker who’s connected to as many lenders as possible in order to create a competitive deal for the applicant. We’re proud to be working with many of the UK’s specialist lenders as well as private investors and family offices, and in doing so we’re able to typically find at least three lenders who will want the deal. This gives our clients real choice such as access to the best rates and terms available.”
What is a bridging finance company?
A bridging finance company is a business that provides loans to people who need to bridge the gap between the purchase of a new property and the sale of their old one. This type of loan is usually for a short period of time, and is used to cover expenses like moving costs and new mortgage payments.
Bridging finance companies can be helpful when you need to move quickly, but don’t have the time to wait for a traditional loan from a bank. They can also be helpful if you have a poor credit score, as bridging loans are typically easier to get approved for than traditional loans.
However, bridging finance companies do tend to charge higher interest rates than traditional lenders, so it’s important to compare rates before you decide which company to work with. And, be sure to read the terms and conditions of any loan agreement carefully, so that you understand all of the costs involved.
Which UK banks offer bridging loans?
Bridging loans are a type of short-term loan that can be used to cover a period of time when you’re waiting for another loan to come through, such as a mortgage.
If you’re looking for a bridging loan, it’s important to compare different lenders to find the best deal. Only a few of the biggest banks in the UK now offer bridging loans, including Lloyds Bank, HSBC and Barclays. However, specialist lenders have filled the void left by the big banks and seeking specialist bridging lenders assistance is likely to prove more fruitful than going to a high street bank.
If you need help finding a bridging loan, you can use a bridging loan broker as they have access to all types of lenders from high street banks to private investors. Brokers can also help you compare different bridging lenders and find the best deal for your needs.
What’s ‘bridge to let finance’ and can it be used for UK property?
Bridge to let finance is a term which is becoming more and more popular in the property industry. It is a way for landlords and investors to get their hands on new property quickly and efficiently, without having to go through all of the traditional channels.
Essentially, bridge to let finance is a short-term loan which is secured against the property in question. This means that the lender has some security if things go wrong, and it also allows the borrower to get their hands on the money they need very quickly.
Debt secured against residential property presents a lower risk to the lender so essentially if you own a residential property that is either unencumbered or has at least 20% equity in it a bridging loan should be possible.
Bridge to let finance can be used for UK property, but it’s important to bear in mind that not all lenders offer this service. You will need to do your research carefully in order to find the right lender for you or approach a bridging loan broker who can assist arranging the bridge to let loan for you.
Can bridging loan brokers help with arranging large bridging loans?
Bridging markets are highly competitive for those who require easy and relatively affordable loan options, and there are incredibly many lenders available. If you are looking to secure a large loan for more than £1 million plus then you’ll need security. Security will be required as a property asset. If you don’t have this then you may find that a broker can’t help you. Large types of loans are rapidly moving, complicated and many different aspects of the lending process must be joined simultaneously. It’s a less-reliable segment of the market to get funding for but specialist brokers do exist.
Can bridging loan brokers help with bridging finance for auction purchases?
The auction market is an ideal spot to get bargain properties or purchase low-value properties. Bidding is fast, but you can’t fool yourself from its rapid pace: you’ll lay out the foundation for this loan before it’s even struck.
For people who wish to acquire property at auction, bridging loans offers a good alternative to buying cash. Auction financing is a way to quickly get cash that is useful in securing an investment property. These loan options provide another alternative for people who want a property sold but don’t have any money on other property.
How to make an enquiry
The initial enquiry you make to a broker should include:
- the loan amount you need to borrow
- the duration you’ll need the loan for
- the exit strategy (how you intend to repay the loan)
- the value of the property you’ll secure the loan against
- the available equity of the property you intend to use as security.
Talk to a bridging loan expert
When in doubt, speak to a professional bridging loan broker. They understand that each situation differs from person to person and its their sole purpose to help you source the funds you require.