What is a Re-Bridging Loan?
Re-bridging loans are used to refinance an existing bridging loan if you are looking for a better interest rate or your existing loan is coming to the end of its term.
Customers generally approach us for a re-bridging loan to either see if we can save them money by moving the loan to a lender with lower rates, or if their current bridging loan is nearing the end of its term but the requirement for a bridging loan is still there.
Read on below to find out more or fill in the form to talk to an expert.
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Criteria
Below are the main criteria points to consider when taking out a re-bridging loan.
| 1 | Up to 75% Loan to Value (or 100% with additional security). |
| 2 | Property in a poor state of repair considered. |
| 3 | Rates from 0.44% per month. |
| 4 | Loans from £25,000 with no maximum loan size. |
| 5 | Borrow from 1 month up to 24 months. |
| 6 | Any security considered. |
| 7 | Interest can be rolled into the loan. |
| 8 | Loans with no early repayment charges available. |
| 9 | We will consider any exit route. |
| 10 | Refurbishment or conversion accepted. |
| 11 | Adverse credit accepted. |
| 12 | Loans available throughout the UK. |
How Much Can I Borrow?
We are able to fund Re-bridging loans up to 75% loan to value (LTV), and can even lend up to 100% LTV with additional security. Funding starts from £25,000 with no maximum loan size.
How Much Will It Cost?
Depending on why the existing bridging loan needs re-bridging will have an impact on interest rate. If the re-bridge is wanted to save costs, a fairly low rate could be achieved whereas if the existing loan has come to the end of the term because the property hasn’t sold, the LTV could be restricted and a higher interest rate charged.
We can offer loans from 0.44% per month up to 55% LTV and can even lend at 0.64% per month at 75% LTV.
In addition to the monthly interest cost, lenders charge a lender arrangement fee – a fee for setting up the loan. This fee is usually 2% of the loan amount, although this is sometimes discounted as low as 1%, especially on larger loans.
How Long Do They Take To Complete?
Re-bridging loans can be completed in around 5 – 14 days if the property valuation and legal work is done quickly. If there is a deadline for completion you should tell us upfront so we can work to this timescale.
If you’re keen to secure the lowest rates, it might be worth allowing slightly longer for completion as the lender may want to undertake some additional checks.
About The Author
This content was produced by our Commercial Lending Director, Gary Hemming. Gary has over 15 years’ experience in financial services and specialises in bridging loans, commercial mortgages, development finance and business loans. He is widely respected in his field and regularly provides expert commentary for specialist trade publications, specialist business press as well as local and national press.
Gary Hemming CeMAP CeFA CeRGI CSP -
Commercial Lending Director
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