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What is bridging finance?

While mortgages can help you buy a property, they aren’t the only financial solution available. Here at Simple Fast Mortgage, we also offer advice on bridging finance – a type of short-term finance used for buying property.  Unlike a mortgage, which allows you to borrow against property over an extended period, bridging finance is a temporary option. 

 

It’s most commonly used in situations where you would not qualify for a mortgage or where a mortgage wouldn’t be suitable. For example buying a property at auction, buying a property which you intend to sell soon, or refurbishing or developing a property to add extra value or for a change of use. By taking out bridging finance, individuals or businesses can secure funds promptly meaning that they don’t miss out on opportunities.



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How does bridging finance work?

Comparatively similar to a mortgage, bridging finance uses the value of your existing property as security for your property loan. The difference is the term you take the loan out for – usually around 12 months. How much you can borrow primarily depends on the value of the property now and the intentions for the property in the future. 

 

Lenders typically determine this based on the value of the property you plan to sell, how much equity is available, your repayment strategy, and exit plan. Interest is charged monthly and you’ll either repay this each month or it will be added to what you owe and repaid at the end of the mortgage term (depending on your mortgage terms and conditions). Many bridging lenders will prefer to deduct the interest for your chosen term upfront, meaning monthly repayments are not required

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Bridging finance: Residential & commercial properties

Bridging finance is an option for both residential and commercial properties. If you are buying a new home but the chain has collapsed, bridging finance can ensure you don’t lose out. Alternatively, if your property needs a lot of refurbishment, a bridging loan can help you go ahead with your purchase now, complete the work, and move to a traditional mortgage later. 

 

Businesses also use bridging finance to flip properties for profit or acquire land for a new project.  Whatever your situation, bridging finance offers a versatile financing solution that accommodates various property types, allowing you to seize opportunities and make timely property transactions.

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Why choose bridge loan financing?

  • Quick Property Acquisition — Bridging finance enables you to secure funds swiftly, reducing the risk of missing out on lucrative property opportunities.
  • Chain Break Solution —.  If you find your dream property but can’t sell your current property in time, bridging finance can help by making you cash buyers.
  • Property Auctions —.  Bridging finance provides the necessary funds to participate in property auctions, where you will usually need to make an immediate payment to secure the property.
  • Property Renovations—.  If you intend to renovate a property for resale or rental purposes, bridging finance can cover 100% of  the costs of refurbishment, allowing you to enhance the property’s value.

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Key benefits of short-term bridging finance

  • Flexibility —.  Bridging finance offers flexible repayment options, usually interest-only, and with rolled up or deducted options, ensuring greater financial control.
  • Speed —.  With a streamlined application process, bridging finance provides quick access to funds, allowing you to capitalise on time-sensitive opportunities.
  • Tailored Solutions —.  Each bridging loan is tailored to your specific needs, ensuring that the loan terms and conditions align with your goals.
  • Credit History —.  Unlike traditional lenders, bridging finance considers the property value rather than focusing solely on credit history. This can make it a potential option for borrowers with a history of bad credit.

Why choose Simple Fast Mortgage to help you secure bridging loan finance?

At Simple Fast Mortgage, we specialise in providing efficient and reliable bridging loan finance solutions. With our extensive experience in the industry, we understand the intricacies of property transactions and provide a personalised property finance service that meets your unique requirements. Our team of experts will guide you through the process, offering tailored solutions that align with your financial goals. Contact us today to explore how our bridging finance options can benefit you.

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