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Swansea Bridging Loans

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Swansea Bridging Loans

GPS Financial are award winning property finance specialists with vast experience of arranging bridging loans in Swansea and across the country.

Bridging loans are designed to enable a purchase or development while you wait for traditional finance. Whether that’s waiting for a sale to complete or to get a development into habitable condition to qualify for a mortgage, we can help.

GPS Financial can provide bridging loans of between £50,000 and £25m for periods of 7 days to 3 years.

We work with individuals, companies, investors, developers and anyone that needs temporary finance for a property purchase.

Bridging Loans in Swansea

Bridging loans are typically used as a stopgap between the completion of a sale and the purchase of another property.

They can also be used to purchase property at auction, to begin a development while you raise capital or to renovate or develop a property so it qualifies for a mortgage.

An open bridging loan gives you a defined period to repay the loan while a closed bridging loan provides a set date.

Both provide the funds to purchase the property you need while the opportunity is there. In a market as fast-moving as property, speed is essential!

GPS Financial can help with that. We provide fast bridging loans in Swansea and further afield at low rates and flexible terms.

How does Bridging Finance work?

Bridging finance is a short-term loan that allows you to bridge the gap between selling an asset and then proceeding to purchase another.

It is secured against the asset being purchased, and it acts as a short-term loan until the long-term finance needed for the purchase can be secured.

The bridging loan is taken out for a specific amount of time, usually just long enough to cover the closing costs of the new asset. 

Once the closing costs are paid, then the loan can be paid off with either long-term financing or proceeds from the sale of another asset.

Bridging loans are useful when there is a gap between selling an asset and purchasing another, and they provide quick access to funds needed to make purchases without having to wait for long-term financing.

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How long can a Bridging Loan last?

A bridging loan is a short-term loan that allows borrowers to bridge the gap between their old and new financial commitments.

Typically, a bridging loan can last for up to 12 months, although some lenders may consider extending it for longer-term periods of up to 24 months.

This type of financing bridge is useful when a borrower needs access to funds quickly, as it can provide them with the money they need while they wait to secure their exit from an existing commitment or until they are able to secure longer-term funding.

Bridging loans are often used in property transactions and development projects but can be used for a variety of other purposes too.

The advantage of taking out a bridging loan is that it provides borrowers with immediate access to capital in order to meet immediate financial obligations.

How much does a Bridging Loan cost?

A bridging loan is a short-term finance option that helps you to cover the cost of buying a new property before your existing one has sold.

The cost of a bridging loan will depend on several factors, including the amount borrowed, term of the loan, interest rate, and any fees charged by a lender or broker.

Generally speaking, bridging loans can be more expensive than other types of financing due to their short-term nature and usually require an upfront valuation fee.

Interest rates also tend to be higher than those associated with regular mortgages as lenders may view bridging finance as a greater risk.

Ultimately, it’s best to speak with your broker or financial advisor about your individual situation in order to determine how much it will cost for a bridging loan and whether or not it is the best course of action for you.

What can Bridging Finance be used for?

Bridging finance is primarily used when buying or refinancing a property and can be seen as an alternative to traditional financing methods.

Bridging Loans can be used for a number of circumstances including:

Bridging finance is usually secured against the property, so it is important that there is an exit strategy in place before taking out this kind of loan.

The lender will want to see how they will get their money back, and what the exit plan is for repaying them.

A bridging loan can be a useful solution for those needing money quickly, often providing funds within days rather than weeks or months. It can also be beneficial if you have missed out on another finance option due to time constraints.

Ultimately, bridging finance can provide a quick and efficient solution when other forms of financing are not available.

How long does it take to get a Bridging Loan?

Generally, it takes a few weeks from start to finish to complete the process and receive a bridging loan. 

To apply for a bridging loan, you must provide financial information related to your current mortgage and any other outstanding debts.

You’ll also need to have proof of your income and provide details about the new mortgage you are applying for.

Once all the necessary documents have been submitted, it usually takes a few days for lenders to review your application and make an offer.

Once you accept, it will take about two weeks (quicker if needed)  for the funds to be dispersed, allowing you to complete your purchase.

Why choose GPS Financial?

GPS Financial was established in 2013 with the aim of alleviating the hassle associated with managing documents and incorrect data related to mortgaging your home. Let us do all the work for you, so you can unwind as we look for the best financial choice for you.

GPS Financial are a friendly team of specialised brokers with decades of combined experience, access to all the leading lenders ensuring you receive the best possible value and the best possible service.

GPS Financial is an award-winning property finance specialist, taking home the award for Best Firm: Bridging & Commercial in 2022, selected by Dynamo for Intermediaries, one of the country’s foremost Mortgage Clubs.

If you’re considering a bridging loan in Swansea, contact the experts at GPS Financial today, fill out the contact form at the top of the page and one of our financial advisors will get back to you.

Why GPS Financial?

Leading property finance specialists
We remove the stress and the paperwork
Match you with the right deal for you
No case too big or too small