This is for any property investors thinking of fast bridging finance

This is for any property investors thinking of fast bridging finance

With bridging finance, everyone will have a different set of priorities.
A recent survey reported 44% of borrowers said speed was their main priority.
Getting hung up on interest rates can be counter productive and loose the deal and whilst interest rate is an important factor, it can have less impact on short term borrowing whereas fees can have a greater affect on the overall cost of borrowing.

So it’s important to know your priority at the outset.

ULTRA FAST BRIDGING

We have a lender which does same day legal completion and often avoids a valuation by visiting the property themselves.
We expect straight forward non regulated 1st charge bridging to completing within 5 days of the initial conversation

FAST BRIDGING

We offer a number of lenders with dual legal representation and a very slick back office process to turn cases around in a week or two
We know from frustrating experience that borrowers favoured local solicitors usually slow matters down – lack of pace and understanding of bridging – help us avoid this by using a specialist solicitor. They often cost less and almost always outperform.

HIGH LTV BRIDGING

Just as important as choosing a lender with a slick process is structuring the deal so it stacks up. Watch out for headline LTV’s (there are lenders offering 80% LTV bridging but based on the 90 day valuation. 75% of the open market value may yield more. Also be prepared to throw other properties in to the pot – second charge loans on your main residence are available up to 125% LTV. Might this raise extra cash which enables you to get a different bridging deal – or even a different property?

BRIDGING RATES & FEES

These are secondary considerations when you need money fast and guaranteed. However fast doesn’t necessarily mean more expensive. A lender which has cheap legal costs and no valuation fees could work our far cheaper than the lender offering the lowest headline rate. That why you need a bridging expert to compare the options against your priorities.

PROACTIVELY GETTING INVOLVED

Understanding your priorities at the outset is absolutely key. We deal directly with the borrower, lender and the solicitor, helping everyone through the draw down process for faster completions.