60% Loan-To-Value Bridging Finance
GPS Financial specialises in property finance. We can provide competitive 60% LTV bridging loans for any residential or commercial property use, from a house purchase to full-scale development.
If you need quick finance to secure your next property, a bridging loan can help. It provides access to temporary funds to complete a purchase, secure a development and any property-related purpose.
GPS Financial works with a number of leading lenders and has access to a selection of 60% LTV bridging loans at very competitive rates.
Borrow between £25,000 to £25 million for up to 12 months with GPS Financial.
60% LTV bridging loans could be used to:
- Support a broken property chain
- Purchase a property while yours is still up for sale
- Complete on a property while your mortgage is still being processed
- Develop or convert a property so it qualifies for a standard mortgage
- Buy a property at auction
- Any qualifying property-related purchase where you need temporary finance
60% loan-to-value finance from GPS Financial
LTV stands for loan-to-value, which is the ratio of how much you borrow compared to the value of the property. A 60% LTV bridging loan means that you can borrow up to 60% of the property value, and you need to have a deposit of at least 40%. For example, if you want to buy a property worth £200,000, you can get a 60% LTV bridging loan of £120,000 and you need to pay £80,000 as a deposit.
What is a Bridging Loan?
A bridging loan provides you with short-term finance, usually for a few weeks or months. It is designed to bridge the gap between buying something, like a property, and a longer-term financing solution, such as a mortgage.
Some typical use cases include:
- Purchasing an auction property which you then refinance with a mortgage.
- Purchasing an unmortgageable property for renovation.
- Breaking a property chain as a bridging loan enables you to act like a cash buyer.
Bridging loans can be useful if you need fast and flexible finance to buy a property. However, they are also very risky and costly, so you should always compare different options and seek professional advice before taking out a bridging loan.
Whether you’re planning to buy a residential or commercial property, GPS Financial can help.
Speak To An Expert
Giving you peace of mind while you sit back and let us do all the work for you while finding you the best deal for your financial situation.
How much does it cost?
To calculate how much a bridging loan will cost you, you need to consider the amount you borrow, the interest rate and the fees. You also need to pay for a property valuation.
For example, if you want to buy a property worth £400,000 and you get a 75% bridging loan, you will borrow £300,000. You will also pay an arrangement fee, if this is 2% then this comes to £6,000. If the interest rate is 0.5% per month, and you repay the loan after 6 months the total interest you pay is £9,000. So, the total cost of the loan would be £15,000.
The fees and the loan amount may vary depending on whether you have a first charge or a second charge bridging loan. This means whether your property is already used as security for another loan or not. If it is, the bridging loan will be a second-charge loan, which may have higher fees and a lower loan amount than a first-charge loan.
GPS Financial are an expert bridging loan broker, if you get in touch with us we will take you through all of the costs involved and provide no-obligation free advice.
Why choose GPS Financial?
GPS Financial is a leading property finance expert, recognised by Dynamo for Intermediaries, one of the top Mortgage Clubs in the country, as the Best Firm: Bridging & Commercial in 2022.
Our team of professional brokers have a wealth of knowledge and experience in the field.
We work with the most trusted loan providers and can offer you excellent service and the best value for your money.
Contact GPS Financial today to discuss your 60% loan-to-value bridging loan. Fill out the form at the top of the page and one of our expert advisors will get back to you.