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HSBC Bridging Loans

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HSBC Bridging Loans

HSBC bridging loans are only available to existing mortgage customers. If you’re not an HSBC customer and need fast finance to complete a property purchase, GPS Financial can help.

HSBC provides the peace of mind of working with a known entity, but only if you’re already a customer. Everyone else will need an HSBC bridging loan alternative.

That’s where GPS Financial comes in.

We provide access to fast property finance with the same reliability and flexibility of an HSBC bridging loan, just from a wider pool of lenders.

You could borrow between £25,000 and £25 million for up to 18 months at very competitive rates.

Decisions are fast and you could have the money in days. It’s just the HSBC bridging loan alternative you’re looking for!

You can use your HSBC bridging loan alternative to:

  • Complete a purchase while you wait to sell your property
  • Complete a property purchase while your HSBC mortgage is being arranged
  • Support a broken property chain
  • Buy a property at auction
  • Develop or renovate a property so it qualifies for a standard HSBC mortgage
  • Any property purchase or development where you need short-term finance

HSBC has been around since 1865 and was originally based in Hong Kong. The bank now has a truly international presence, including in the UK.

The bank may not provide bridging loans to non-customers, but it’s a safe bet for standard mortgages and other products.

If you’re looking for an HSBC bridging loan alternative, contact GPS Financial today.

What is a Bridging Loan?

A bridge loan, also known as bridging finance, is a type of short-term loan used to cover financial gaps between two large transactions, particularly with property.

It is a convenient solution for borrowers who need to purchase a new property before selling their existing one. 

Bridging loans are usually secured by a mortgage or a guarantee, which means that if the borrower defaults on the loan, the lender can seize the collateral.

These loans can also be used to refinance an existing mortgage or to purchase an auction property.

Bridging finance is more flexible than traditional loans, and borrowers can usually access funds within a few days.

Bridging Loans can be used for a variety of purposes, including:

Interest rates for bridging finance are typically higher than for traditional loans, and borrowers should be prepared for the additional charges associated with this type of finance.

What are the criteria for a Bridging Loan?

In order to secure a bridge loan, a borrower must meet certain criteria.

Borrowers who have a higher credit score, detailed business plan, and sufficient collateral have a greater chance of being approved for a bridge loan with favourable terms.

Additionally, the borrower must have a clear exit strategy detailing how they plan to repay the loan, such as through the sale of the property or refinancing to a longer-term solution like a mortgage.

Overall, a bridging loan can be a valuable financing option for individuals or businesses looking to bridge a short-term gap in financing, but it’s important to carefully consider it before applying. 

How do I get a Bridging Loan?

If you need a bridging loan, you should first approach a lender or a broker that specialises in this type of finance. 

To apply for a bridging loan, you’ll typically need to have a mortgage or property as security and provide evidence that you can meet the repayment terms. 

Bridging loans can be either regulated or unregulated. In both instances, lenders will require you to provide security, this is usually a 1st or 2nd charge against a property owned by you. So, it’s essential to work with a reputable lender or broker like GPS Financial.

When choosing a lender or broker, make sure to research their reputation and experience. 

They should be transparent about their fees and provide you with a range of bridging loan options that suit your financial situation.

Ultimately, it’s essential to do your due diligence and ensure that a bridging loan is the best option for your financial circumstances before making any decisions.

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How much does a Bridging Loan cost?

The cost of a bridging loan varies depending on several factors such as the lender, broker, loan amount, and the term of the loan. 

Bridging finance tends to have a higher interest rate compared to traditional short-term loans or long-term loans as they are seen as a higher risk for lenders.

Lenders will typically offer a loan amount that is equivalent to the value of the property, in most cases this will be a percentage from 70-85%.

For example, if your property is valued at £500,000, a borrower could potentially secure a bridging loan of up to £425,000.

Additionally, the valuation of the property will play a major factor in the cost of a bridging loan. The interest rates will be calculated based on the perceived value of the property.

The lender may charge a lender fee in addition to the interest rate and this will need to be taken into account when calculating the overall cost of the bridging loan.

It is important to shop around for the best deals and to compare brokers and lenders to ensure that you are getting the most competitive rate. 

Why choose GPS Financial?

Established in the year 2013, GPS Financial set out to minimise the challenges that arise from dealing with incorrect documentation and information when it comes to obtaining a mortgage for your property.

The team at GPS will handle every step of the process, ensuring that we will discover the best and fairest financial solution to meet your requirements. 

Based in Cardiff, 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.

GPS Financial has a team of experienced bridging loan brokers who have years of combined knowledge in the financial industry. We have access to all the top lenders, guaranteeing you receive the best service and most importantly, the best value. 

Contact GPS Financial today for an HSBC bridging loan alternative. 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