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Bridging Loans with Bad Credit

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Bridging Loans with Bad Credit

Bridging loans with bad credit are ideal for investors or purchasers who need a short-term loan to buy property.

Having bad credit shouldn’t stop you making the most of opportunities and GPS Financial can help.

People find themselves with adverse credit for a multitude of reasons, some beyond their control. That shouldn’t stop anyone from accessing finance to drive a business forward or achieve a goal.

The advantage of bridging loans with bad credit is that the lender assumes less risk as the fees and costs are included within the loan terms. This makes them much more amenable to providing credit.

A bridging loan with bad credit can help you:

Support a chain break – Need to complete on a property while you manage a chain break? Bridging loans can provide that short term finance.

Purchase an auction property – Whether you’re an investor or individual, if you don’t have the cash on hand to buy at auction, a bridging loan can help.

Finance a development – Need to get your development habitable to qualify for a standard mortgage? A bridging loan is ideal.

Bridging Loans for those with adverse credit

Bridging loans for those with adverse credit are easily achievable when you work with experts. A bad credit bridging loan is a type of bridge loan offered to individuals with bad or poor credit scores. It provides a short-term solution for those who are facing financial difficulties due to their credit problems.

A lender will typically require that the borrower provide some form of collateral to secure the loan, and the loan repayment will need to be completed within a certain timeframe. 

The terms of the loan may differ from one lender to another, but generally, borrowers will be expected to repay the amount in full when they receive their next paycheck or from another income source.

The interest rates on bad credit bridging loans are usually higher than traditional loans due to the risk involved in providing them. However, it can still be an effective way for those with bad credit scores to access additional funds quickly and easily.

What types of bad credit will Bridging lenders consider?

Bridging lenders will consider a variety of bad credits when assessing a bridge loan application.

These can include:

  • Defaults
  • CCJs
  • Mortgage arrears
  • Bankruptcy
  • IVAs
  • Debt management plans
  • History of payday loans


However, the lender will also take into account other factors including an exit strategy and repayment plan which demonstrate the borrower’s ability to secure the loan.

A bridging loan application must be supported by evidence to show that the applicant has an adequate mortgage or security in place that can be used to repay the loan.

The lender may also require an exit strategy detailing how the borrower plans to repay the loan once it has been secured.

Additionally, any existing bad credit must be explained and documented with proof that this is being addressed before the bridging lender can approve a loan application.

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Can I get a Bridging Loan with a bad credit score

It is possible to get a bridging loan with bad credit history, though it may be more difficult than if you had good credit. 

It is important that you manage your expectations when seeking a bridging loan with a poor credit history and make sure you have considered all of your options before taking out a loan.

If your credit rating is low due to credit issues or problems, then you may need to approach a specialist bridging lender who is willing and able to overlook your situation and provide finance. 

Repayment terms will likely be stricter and higher interest rates may apply, but it is still possible to get a bridging loan for applicants with bad credit. 

Ultimately, although it can be challenging, it is possible to get a bridging loan with bad credit in order to purchase a new property.

How can a Bridging Loan benefit me?

They are frequently employed in circumstances where alternative forms of financing are not possible. The main factor for potential borrowers is the exit strategy – your method of how you’ll repay your bridging loan.

By typically adding on interest to the loan, with no need for monthly payments, you may be able to borrow funds in the short term that otherwise wouldn’t be affordable.

The probability of getting the desired price when selling the property within the period of the loan is more relevant to the application process than your income or credit score.

This will be seen in the documents and data that the bridging loan lender requests during the application process.

Why choose GPS Financial

GPS Financial has the contacts, reach and expertise to match you with lenders that accept applications from those with adverse credit.

GPS Financial was founded in 2013 with the aim of ending the stress that goes with all the paperwork and misinformation of mortgaging your property. 

Giving you peace of mind while you sit back and let us do all the work to find you the best deal for your financial situation.

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

There’s no reason why you should miss out on an opportunity just because you have bad credit. 

Contact the experts GPS Financial today!  Fill out the form at the top of the page and one of our expert 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