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Bridging Loans

Bridging Loans – short-term finance, fast

Your home may be repossessed if you do not keep up repayments on your mortgage. Or any other secured loan on it.

Mortgage Direct Limited are credit brokers, not lenders.

Bridging loans can be a good option if you need short-term property finance quickly and easily. They can be used for residential, Buy-to-let, investment, development or commercial property transactions for periods from 1 to 36 months. The amount you can borrow ranges from £50,000 up to £20m and the loan is secured against your property.

How do they work?

As the property market can move very fast with many buyers chasing prime properties, more and more buyers are using bridging loans to complete property purchases quickly to make sure they can secure their dream homes. They are typically used when there’s a gap between the sale and completion dates in a chain. They can be useful if you’re planning to own a property for a short time, perhaps to renovate and sell on.

Say you’ve fallen in love with a house and you want to proceed but you haven’t sold you old home, then a bridging loan can help you make your purchase. They are also used by people who want to buy a property at auction and need to have the money available to complete the deal on the day.
Business clients often need bridging finance to help them complete on commercial property deals, to purchase land, to improve or renovate an investment property pending resale or refinancing, or for development purposes.

 

How to apply

Applying for a loan is simple and straightforward – just click the Apply Now button below and you’ll be taken directly to the application page. Once we have all your details on the form, we’ll ask your permission to carry out a credit check. Each application is looked at individually and you’ll be pleased to know that this type of loan doesn’t depend on you having a good credit rating, as your property will be used as security for the loan.

 

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