One major reason for choosing a bridging loan is speed. They can be arranged very quickly enabling bargains to be secured or problems avoided.
Bridging loans are short term by nature. From a few days up to 12 months maximum, so an exit plan will be needed to repay it.
Bridging is more expensive than regular secured finance. However, the opportunity to secure a project quickly and simply often means the return outweighs the extra cost.
A bridging loan or bridging finance is a short term secured loan. The property used as security can be either residential or commercial. The loan term can be for just a few days or months, upto 12 months maximum.
Loans are available to both Limited Companies and Individuals including landlords and property developers.
Bridging Finance can be used in so many different ways, to achieve so many different objectives. Here are some examples of what is possible:
Drake Mortgages can source competitive rates from across the market. We have built relationships with specialist mortgage lenders who do not have a presence on the high street to secure finance where others cannot.
We can help arrange a bridging loan, a short-term loan that provides fast access to funding, or development finance for the specific purpose of building new properties or making substantial changes to existing properties.