Bridging products brokers forget

Bridging products brokers forget

We want to remind you about a couple of special bridging products.

We have plenty of lenders offering great bridging rates from 0.43% but chasing the lowest rate can be counter productive.
The solicitors squabble or there are issues around the valuation often causing big delays.
The broker then has to deal with an unhappy client.

We will consider the whole market but if speed is important or equity is tight – consider these products.

Expedite bridging – payout within 2 days of enquiry achieved – second charges within a week.

• Quote same day – onsite visit next day – completion same / next day.
• Director visit to property for sign up – valuation avoided where possible – saves time and cost
• Standard legal’s done in house – external solicitors not normally required
• Lender will complete on second charges without consent from the first mortgagee.
• Loans from £15,000 to £250,000

High LTV Bridging– up to 80% – when equity is suspect or other options have failed.

• First and second charge bridging – both up to 80%
• Arrears – 1 month arrears accepted in last 12 (none in last 3).
• CCJ’s and Default’s – will accept unsatisfied if under £5,000 and satisfied under £15,000. None in last 6 months but all ignored over 24 months.
• Light refurbishment allowed – kitchen / bathroom / loft conversion / extension
• Option to convert to 36 months on repayment basis after first 12 months – non reg only
• Bridge to bridge accepted
• Up to 80% LTV at 1.1% – same rates for second charge.

Often speed and surety is more important than rate when bridging and we can cover all bases. Tells us what’s most important.
To speak to one of the bridging team please call 01902 585052.

www.promisemoney.co.uk

01902 585052