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Bridging & Development

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Bridging & Development

Bridging finance is a great tool but we so often find different ways to get the same or better result. That’s because we have such a high level of expertise in other product areas.

So talk to us about your requirements and circumstances. Bridging can be used for various business or property related purposes

If you need full advice or want to talk to an underwriter about the options available, there is someone here with many years of experience to help you.

Complete an online enquiry form and we will get in touch to provide some indicative quotes to consider.

Bridging can be complex – it’s always best to talk to an expert who can explain the features and find the best product for you. We know some bridging can be expensive so if we can suggest a cheaper alternative, we will.

Some of the typical bridging products we will consider include:

  • Our expedite bridging loan – completion in days rather than weeks
  • 85% refurbishment bridge – when you need more cash to improve a buy to let property
  • Development bridge – full ground up development from plot to completion
  • Downsizing bridge – ideal if moving to a smaller home but not yet sold your current home
  • Heavy refurbishment bridge – structural work or needing planning consent
  • Bridge to let – save costs with a bridging loan and remortgage with the same lender
  • Foreign property bridge – secured on property abroad to release cash in the UK 
  • Bridge to bridge – pay off an existing bridge to buy you time
  • Commercial bridging
  • Bad credit bridging
  • 3rd charge

Bridging or development finance isn’t the cheapest product in the world so it makes sense to explore the alternatives – so often we see people who have taken out a bridging loan only to find out later there was a better alternative.

Alternatives to bridging we can look at:

  • A standard mortgage – why not if you meet criteria
  • A flexible overdraft – great for property investors and much cheaper
  • Other property – first charge or second charge options to raise the cash
  • Unsecured business loans

As well as bridging and development loans don’t forget we have in house experts and both mainstream and specialist lenders for residential / buy to let mortgages, commercial mortgages and secured second charge loans.

Remember.

Your bank may have 100’s of products and plans to offer
Promise Money has over 10,000

There really is no need to look elsewhere.

    Find a bridging loan

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    By submitting any information to us, you are confirming you have read and understood the Data Protection & Privacy Policy.
    LOANS SECURED ON YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

    Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.

    More than 50% of borrowers receive offers better than our representative examples

    The %APR rate you will be offered is dependent on your personal circumstances.

    Mortgages and Remortgages

    Representative example

    Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

    Secured / Second Charge Loans

    Representative example

    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

    THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

    REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

    Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk