What is a bridging loan?
A bridging loan is a short-term loan, usually taken out for no more than 12 months. We can source a‘bridge’ loan from a number of leading bridging finance lenders . Bridging loan criteria is typically based on each individual case however its main purpose is to ‘bridge’ a financial gap where funds are needed quickly. The primary use is for clients looking to purchase property where other funds or a traditional mortgage are inaccessible. For example, this could be if you’re looking to buy a new home and yours hasn’t sold yet (a break in the sale chain), or if you are purchasing a property at auction and require funds much faster than a mortgage could realistically deliver
Why choose Fluent Money for a quick bridging loan?
- A flexible short-term borrowing option
- Borrow £26,000 to £25,000,000
- Market leading fixed bridging finance rates
- Friendly UK experts will find the best bridging finance options for you (we can access many lender ‘exclusives’ not available on the general marketplace)
Bridging loan cost is dependent on the short-term nature of bridging loans, which often means that the interest is typically higher than on a regular mortgage or secured loan. Interest is charged at a monthly rate rather than an annual percentage rate (APR) because they are designed to last only for a short-term period.
There are all kinds of reasons to take out a bridging loan, including:
- To ‘bridge’ the gap between the sale of an old house and the purchase of a new one. This is referred to as chain-breaking when buying a property.
- To purchase a property quickly, for example at an auction when a traditional mortgage would take too long to complete.
- To buy a property that is ‘non-mortgageable.’ This could mean a property needs refurbishment, conversion, or an extension to make a traditional mortgage available.
- To help with poor credit. It is important to understand the risks involved, but this could allow customers to re-mortgage once their credit history is acceptable to mortgage lenders.
- Self-employed customers can use bridging finance as they improve their company accounts if they need to meet requirements for a residential mortgage lender.
- Property investors often use bridging to buy and refurbish a property. This could be to make it ready for a longer-term Buy-to-Let mortgage or even to sell it on (you might hear this called ‘flipping’).
At Fluent, we offer bridging loans for both residential and commercial purchases. We can also advise on ground-up development projects, in the example of land bridging finance where you would like to purchase land for development.
Bridging finance options are conditional upon the lender and circumstances, normally bridging loans can be as quick as 72 hours. However, in certain circumstances, loans can take up to 2 weeks to complete. For more information, please fill out the contact information below.
Why choose Fluent Money®?
We’re 5 star TrustPilot rated
Find out what our customers say about us
We’re friendly UK-based loan experts
You’ll be assigned a dedicated case manager to help deal with your application from beginning to end
We’ll keep you in the picture
You can check your application and loan progress 24/7 with our industry-leading smartphone app
We present you with options, not problems
Our many years’ experience means our friendly experts know how to find the right loan for you
Why our customers recommend Fluent Money®
We’re one of the UK’s favourite finance brokers. Don’t believe us? See what our customers have to say:
Want to find out more?
Speak to our dedicating bridging loans team who will be able to help with any questions you may have.