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Bridging Finance can provide fast access to funding with the minimum of formalities and is usually taken out to solve a temporary cash shortfall. One of the most common uses is when people buy a new property, before they sell their existing property.
Bluewave Finance will look for the most appropriate Bridging Finance to suit your particular needs. Click apply now> or call us on freephone 08000 25 50 22 to apply for Bridging Finance through us.
When else is Bridging Finance appropriate for me?
Other ways in which Bridging Finance is often used is for either funding the purchase of a property at auction,where funds are required quickly, or for refurbishment, buying or doing up existing dilapidated properties, turning them round in a short space of time before selling them on quickly. Bridging Finance is much quicker to arrange than a normal residential mortgage, on average this can be arranged between three to five working days from the from the first enquiry to completion.
So, in simple terms, it can be said that Bridging Finance is basically a very short term mortgage. With Bluewave Finance the loan will always be secured against either a residential or commercial property.
Either a First or second charge will be taken against the new or old property,( or even a combination of them both.)
Bridging Finance tends to be more of a risk from the lenders perspective, so as a consequence is more expensive. You should only really consider this kind of finance if you are certain that you will repay the loan within a six month time span.
It can be possible for the Self Employed or people with bad credit to obtain Bridging Finance from certain lenders, so it is certainly worth considering even under these circumstances!
Currently through Bluewave Finance, lenders will allow Bridging Finance of upto 65% of the value of both properties put together, less any existing debt , usually your current outstanding mortgage.
Typically, you can expect to borrow anything between £25,000 to £1,000,000 but more is potentially available but with more rigorous underwriting.
If you have any questions to ask about this type of loan >click here and leave your details, or call 08000 25 50 22
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