You may be looking for an instant and convenient funding access while getting a new property or selling the existing one. Bridging loans are one such finance option that has been used for years.
These are modified to assist individuals in completing the property purchase process before selling the previous one. The primary objective is to bridge the gap between the purchase of a new one and the sale of an existing one.
You need to keep it asset-based, where you must secure the loan by placing that property as collateral. The asset value should equal the loan amount you want to borrow.
LoansEvents is the specialist provider of bridging loans, offering them on interest only. We feel proud to present flexible loan deals with manageable interest rates for your monthly income. Our features include the following:
We offer loans with a complete responsibility to lend 100% of the property. Our loan specialists consider every loan application irrespective of the credit score. Common sense prevails here while preparing the loan deal.
We offer bridging loans up to £50,000 with not charging anything extra. Our deals are pocket-friendly to everyone. We do not surprise you with any processing fee. You pay only the affordable interest rates.
At LoansEvents, you get the direct benefits of bridging finance. You do not need to pay extra by including a broker. You can communicate with us directly. We can fund you, and we can guide you as well without any additional charge.
Bridging finance includes a deal between a lender and the borrower during a property purchase or sale. In this process, the lender offers a specific loan amount for a property to the applicant to bridge the gap that occurred during the property purchase. However, it will run on the condition of placing a property or asset as the loan security. It should primarily be residential.
It is usually the first mortgage on a property, but sometimes you may get on the second one if you get bridging loans from a direct lender like LoansEvents. However, it will be on two conditions. First, you should have sufficient equity in the property. Second, the first mortgage should be approved.
Many lenders have their criteria to lend based on the value of the residential property. We can lend between 80% and 100% of the value of the property, depending upon the security you are pledging. We independently calculate the property’s value and the amount you can pay throughout the loan term.
In a nutshell, we prepare a loan deal on these parameters:
You get these entire estimates in the initial loan quote. Once you accept it, then we can move forward.
LoansEvents offers bridging loans on flexible norms so that our deals suit everyone’s financial needs. It is short-term funding, and thus, we keep the process online with little documentation. However, at some point, if you feel uncomfortable with this funding option, we can recommend some alternatives for bridging loans here too, including:
These can be considered the ideal alternative for bridging finance. However, mortgages are applicable for longer-term fundi ng.
This is also a helpful option that you can consider in place of a bridging loan. It requires an asset to secure the borrowed sum with a valuable asset.
These are very different from bridging loans, as one can get commercial mortgages for up to 25 years. The rates are relatively lower too.
You can opt for this option for property development projects. Nevertheless, these are more suitable for development than bridging loans.
We can assist with your bridging loan request. Our deals are available for any person with genuine reason or legal entity. We focus primarily on the property value rather than credit scores or debts you have. Therefore, you can expect a flexible and quick lending service from our end.
To have the best deal available for you, apply now. For further queries, you can continue to read below.
What is a bridging loan?
A bridging loan is a sort of short-term mortgage funding. The term ‘bridging’ is primarily used by those people who are home buyers and they want to bridge the gap while purchasing a new property. The need for this loan comes when the sale of existing property is yet to be done or getting delayed, but the process of new property has to be started.
Is bridging loans a good idea?
A bridging loan is a good idea when you need extra funds while purchasing the property. You may have other options to consider, but this one is quite useful. There are mainly 3 reasons for it:
What can you use a bridge loan for?
What is the purpose of getting a bridging loan and finance?
The primary purpose of availing of bridging finance is to get funds for the short term. You cannot obtain a more considerable amount for a longer duration; as for this, you have other options like secured loans or mortgages. Bridging finance can convert the value of the property into a significant one.
Some people also use this option because the procedure is short and simple. We want only an online application you can complete within a few minutes. With a smaller amount to lend, the fund disbursal can also be done within 24 hours.
How much amount can I borrow on a bridging loan?
Many lenders have their conditions to set the amount limit on bridging loans. We can offer you a chance to borrow from £5,000 to £50,000 depending upon two factors.
Note: We lend you only an affordable amount. Any miss or delayed repayment can affect your credit score, and you may lose possession of your submitted asset. For any difficulty, you can contact us anytime and from anywhere.
How much deposit do you need for a bridging loan?
The deposit amount depends upon your capacity. However, it will be good if you deposit a higher amount. It will reduce the overall loan amount, which further allows you to pay lower interest rates, and monthly instalments become more manageable from your income.
At LoansEvents, you can get 100% finance on your bridging loan if your recent profile is outstanding and you have no other debts to clear. Overall, you can get up to 80% of your property based on its value and the collateral.
What is the risk in bridging loans?
A bridging loan has many advantages, but there are some risks too. Some of them are mentioned here:
We are a dedicated direct lending platform, and our primary objective is to minimise the risks involved. Apply for our bridging loans for house purchases once, and you will get a worthy experience.