Lower Minimum borrowing
Traditionally, and also now due to regulation, bridging loans had a minimum loan value starting at £25,000.00. Some lenders even start their borrowing higher as it's 'not fiscally viable' anymore. We have a new style lower minimum level 2nd charge bridging loan added to our products with the minimum loan value starting at just £10,000.00
LTV Upto 95%
Also due to the nature of the bridging finance industry and quick turnover of funding amounts, the LTV (Loan To Value) is usually set anywhere between 50 and 60% of the property value. You could only borrow up to 50 or 60% of the property that is being used as security value. With our new second charge bridging loan, you can borrow up to 95%.
CCJ's and Defaults accepted
Even with ample equity in a property, many lenders are hard pushed to accept people with CCJ's and mortgage repayment defaults against their names. Typically you would need to have at paid at least 60% of the mortgage on the property off. We are able to offer short or medium term 2nd charge bridging loans to borrowers in this situation.
2nd charge bad credit bridging loans!
Well, like our bridging loans, we do not need to conduct any form of credit check. We will based the finance on the equity you have in the property, properties or land you are using as security. No credit checks. That means even if you have been refused elsewhere because of a poor credit score, we can still help you. That means if you have CCJ's we can assist. That means if you are an IVA or on the insolvency register, we can help. That means if you are under the threat of repossession we can help.
We don't undertake any form of credit check. We base all our lending purely on equity in the properry, land or properties, so if you are completely, 100 percent honest about the true value of the house or building being used as security, combined with the the real amount of equity you have in said properties, then if we give you a decision in principle, 99.9% of the time, the loan is usually paid out. So get in contact today and get positive decision on bridging finance for both residential purchases and for a business or commercial investment.
Quick news update: We have been notified to publish that the company we use for home owner funding is Short-Term-Finance.co.uk who work as a conduit for secured residential loans. Feel free to visit Short-Term-Finance.co.uk for bridging loans for home owner use.
We don't call it a hand held Earth removing tool, we call it a spade. In other words, we won't try to blind you with financial jargon as part of a “sales pitch”, that is designed to get you thinking we are the only bridging finance company worth its salt. We treat you as you should be, like a normal human, not a voice on the end of the phone that we are trying to 'close'. Our attention to personalised service is only rivalled by our flexible lending, terms and rates.
So whether you are a builder or property investor in need of a short term bridge, or a business person or entity looking for development or commercial funding, or even a homeowner, or potential property owner totally annoyed with the time consuming, bureaucratic, red tape laden procedures of the established banks and building societies, talk to us, or click the button below to complete our initial contact form.