How long does the bridging loan process take?
Although lenders and brokers are keen to push the fact that these loans can be completed quickly, the reality is that 2 weeks would be considered fairly quick.
We recently completed an application in 5 days, and it can be done, but it’s the exception rather than the rule.
We speak to a lot of clients who ask that the loan be completed ‘ASAP’, which makes sense. Although this is fine, it’s best to name a date that you’d like it done by, that way everyone has a target to work to and it’s far less likely to slip by a significant amount.
How can I make the process run smoothly?
The key here is in providing information.
Be clear about yourself, any issues you’ve had and what exactly you’re looking to do.
When asked for information, provide it straight away and to a good standard.
Although this is very simple advice, the amount of time it saves can’t be overstated. It’s simply the only way to complete an application quickly.
We work with bridging loan lenders across the market to secure the right bridging loan for you.
The information below is intended to act as a guide and is not meant to be an exhaustive list of the facilities we have available. If your loan does not meet the criteria set out below, talk to one of our advisors to find out how we can help.
£25,000 upwards – with no maximum loan.
We can fund loans from 1 month to 36 months. FCA (Financial Conduct Authority) regulated loans are restricted to a maximum term of 12 months.
We can lend against the following security types:
- Mixed use properties
- Retail premises
- Care homes
- Land (with or without planning)
Where the property is in a poor state of repair, we have several lenders who are willing to lend. ABC Finance Ltd. can also lend against unmortgageable property where required.
We can lend to the following borrowers:
- Private borrowers
- Pension funds
- Limited companies
- Offshore companies
Our minimum applicant age is 18 years old and we work with lenders who do not impose a maximum age.
We can fund applications through the UK on our standard plans. ABC Finance Ltd. has funding lines in place that are available across the world, for information, please talk through your requirements with an adviser.
We can fund clients regardless of credit history. In situations where credit history is particularly bad, interest rates may increase slightly as not all lenders will be willing to lend.
We can fund bridging loans for any legal purpose. Our loans are often used to:
- Fund property acquisition
- To fund investment property purchases
- Release capital for property refurbishment
- Purchase a new property before the sale of an existing property is completed
- Pay urgent tax liabilities
- Provide a cash injection for business purposes
Where interest payments are rolled up, or deducted from the loan, we do not generally require proof of income for unregulated applications. For FCA regulated loans, income evidence may be required for confirmation of exit.
We work with lenders who can add the interest into the loan, to avoid the need for monthly payments. Alternatively, if you would prefer to make the monthly payments, we do have funders who are able to facilitate this, where affordable.
We can consider any realistic exit strategy.