Fast Bridging Loans
Need to complete a property purchase fast? Quick bridging loans from GPS Financial can help!
GPS Financial specialises in fast property finance and can provide same day decisions on most applications. You could have your money within 3 days, although larger amounts up to £25m may take longer.
When the property market is as fast-moving as it is, speed is key.
Fast bridging loans enable you to:
To purchase an auction property – Developers, investors and individuals can use quick bridging loans to buy at auction before arranging a mortgage.
Development financing – If a property requires development to qualify for a mortgage, a quick bridging loan can help.
To purchase before a sale completes – In a chain and waiting for completion? Use a fast bridging loan to complete your purchase so you don’t lose out.
To support a break in a sale chain – If you’re in the middle of a sale chain and it collapses, use a bridging loan to complete your purchase and repay once your own sale completes.
Quick Bridging Loans
Quick bridging loans deliver the finance you need to complete a property purchase. In a market as fast and as complicated as property, timing is everything.
You won’t always have time to wait around for a completion or traditional mortgage before an opportunity is gone forever. That’s where a fast bridging loan comes in.
Borrow between £50,000 and £25m for periods of 7 days to 3 years at very attractive rates.
What is a fast Bridging Loan?
A bridge loan, also known as bridge finance, is a short-term loan that is used to ‘bridge’ a gap and provide fast finance for a property purchase.
These loans are usually regulated by the Financial Conduct Authority and are often used by individuals or businesses when they need to purchase a property quickly and do not have enough capital to do so.
For example, if you wanted to buy a buy-to-let property but you don’t have the funds yet for the mortgage, you would use a bridging loan to purchase it before refinancing at a later date.
They can also be used to refurbish an existing commercial property or even as part of an exit strategy.
Bridging loans are fast to arrange and can offer an ideal solution for those who need quick access to funds with no hassle.
They can be used by individuals or businesses alike in order to purchase property, complete renovations or meet any other financial needs that require immediate solutions.
How quickly can you get a Bridging Loan?
A bridge loan or bridge finance is a type of short-term finance that can help you access funds in order to ‘bridge’ the gap between buying and selling a property.
Bridging loans are typically offered by specialist banks, bridging lenders and other financial institutions.
The process for getting a bridging loan is generally quite quick, but it does depend on the lender.
Most mortgage brokers will be able to get you a decision in principle very quickly, and some bridging lenders can make an offer within 48 hours if all documents are correct.
However, to complete the whole process you may need to allow up to two weeks depending on your lender’s requirements.
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How much do Bridging Loans cost?
The cost of a bridging loan depends on several factors, such as the loan to value (LTV) ratio, which is the amount of money borrowed compared to the value of the underlying asset.
Other things that lenders consider when comparing bridging loans include how long you will need to bridge the gap (typically up to 24 months), and your creditworthiness as a borrower.
Interest rates for bridging loans vary depending on your individual circumstances and can range from 0.45% – 2% per month or more.
You should compare different bridging loan lenders in order to find the best deal for your needs.
Do you require a ‘Regulated’ or ‘Unregulated’ Bridging Loan?
When deciding whether to require a regulated or unregulated bridging loan, it is important to consider the purpose of the loan and the type of property you are buying.
Regulated bridging loans are designed for residential properties and buy-to-let properties and are subject to certain rules and regulations.
These loans are secured against the borrower’s property, meaning that the lender is protected in case of default on the loan.
Unregulated bridging loans can be used for commercial properties or other types of investments such as development sites.
While these loans provide more flexibility than their regulated counterparts, they also come with higher interest rates and stricter terms.
It is important to consider all options before selecting an unregulated bridging loan, as these loans may not always be suitable for all borrowers.
Am I eligible for a Bridging Loan?
In order to meet lending criteria for a bridging loan, a borrower would need to have sufficient credit history, and the residential or commercial property in question must be valued by the lender.
Bridge loans are usually unregulated, meaning that lenders often have more flexibility when considering applications.
However, aside from these general requirements, the eligibility criteria can vary depending on the individual lender.
Typically, lenders will consider factors such as the borrower’s credit score and financial situation when determining eligibility for a bridge loan.
It is important to note that many lenders may require additional collateral in certain cases to secure the loan against loss if it goes unpaid.
Why choose GPS Financial
GPS Financial was set up in 2011 to eliminate the difficulty of handling the documents and incorrect information associated with mortgaging your real estate.
We will take care of everything, so you can rest assured knowing we are looking for the most suitable financial solution for you.
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 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.
If you’re considering a quick bridging loan or need fast finance for a project, contact the experts GPS Financial, fill out the form at the top of the page and one of our expert advisors will get back to you.