Bridging Finance

Bridging Finance can be useful if you need to borrow money for a short period.

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Overview of Bridging Finance

Bridging loans are a form of fast, flexible short-term lending, usually for a period of 12 months or less, which can be used by individuals or businesses. Unlike normal loans, the interest on a Bridge is calculated and paid monthly or can be accrued and paid upon settlement. The loan can be used to “bridge” the gap in your finances until either a long-term financing solution can be put in place or alternative funds are received from another source, for example the sale of a property.

What Can Bridging Loans Be Used For?

A Bridging Loan can be used in many situations, typically these are:

  • To purchase a property or refinance quickly
  • To purchase a property at auction
  • To purchase a property that is potentially un-mortgageable
  • To purchase a property before your current property has sold in order to not break the chain
  • To fund a property refurbishment 
  • And many more!

    How Much Do Bridging Loans Cost?

    The costs associated with Bridging Loans mainly consist of the interest charges and arrangement fees. Monthly interest rates typically start from 0.45% per month. The rate received is wholly dependant on your circumstances and what you’re looking to do.

    Arrangement fees are common and can be as low as 1% depending on the size of the loan.

    As well as the interest and fees, there may be additional charges such as exit fees, legal fees and valuation fees. It is important to take into consideration the total cost of the borrowing including all fees, as the product with the lowest interest rate my not actually be the cheapest.

    Typically you only pay interest on the amount of time you had the borrowing, If you’re able to repay your loan before the end of the term, usually any unused interest will be deducted from your redemption figure.

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