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How Does Bridging Finance Work, and What Are Your Options?

Bridging finance is a type of short-term finance that is designed to help you bridge the gap between making a property purchase and securing longer-term financing. It is usually used in situations where there is an urgent need for funds or when other forms of financing are not available. For example, you may need bridging finance if you are purchasing a residential property before selling your current one or if you are looking to buy a business and need to pay for it before securing additional long-term finance.

These loans are usually used to ‘bridge the gap’ between buying and selling a property or for other purposes such as home improvements, business expansion, or debt consolidation. Bridging loans are secured against a property or other asset, and they can be arranged quickly, often within a few days or even hours.

Obtaining bridging finance is a viable option for those who need quick access to funds, but it is important to understand the different types of bridging finance and their associated risks before taking out a loan.

What Are the Benefits of Bridging Finance?

Bridging finance is a short-term loan that can be used as an alternative to more traditional forms of financing in certain situations. It can provide access to large sums of capital quickly and easily without having to go through lengthy and complex applications. This is especially useful when you need to make a purchase urgently or if the loan is needed to fund a business venture that requires an immediate injection of funds.

What Are the Different Types of Residential Bridging Finance in the UK?

There are several types of bridging finance available. Some of the most common types of loans are:

Secured bridging finance: This option requires you to use an asset, such as a property or other valuable item, as collateral for the secured loan.

Unsecured bridging finance: This is another option that does not require any form of collateral and may be more suitable for those who don’t own a property or have limited assets.

Closed bridge loans: Closed bridging finance is ideal for borrowers who have a confirmed exit strategy, such as selling a property, which will generate the funds needed to repay the loan.

Open bridge loans: Unlike closed bridging loans, which have a clear exit strategy, open bridging loans are more flexible but typically come with higher interest rates. Borrowers might use them when they need temporary funding without a fixed repayment date.

First charge bridging loan: A first-charge loan is usually taken out when the homeowner owns the property outright or wants to pay off the existing mortgage in full.

Second charge bridging loan: A second charge loan is usually taken out when the borrower needs extra funds for a short period but does not want to refinance or break their existing mortgage deal.

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In What Situations Will I Need Bridging Finance?

Bridging finance can be used in a variety of different situations, including buying a property before selling your current one, purchasing a business or commercial properties, or making improvements to an existing property. It can also be used to secure funds quickly in order to pay off creditors or make investments. Bridging finance is most commonly used in the residential property market, but it is also available for commercial and business purposes.

Are These the Same Options for Commercial Bridging Loans?

Yes, the same options for residential bridging finance are also available for commercial bridging loans. However, there are some additional considerations to bear in mind when obtaining a commercial bridging loan.

You can use a bridging loan for these commercial purposes:

  • Property development/ new properties
  • Investment property/ buy-to-let
  • Renovations

Do I Need a Good Credit Score to Take Out a Residential Bridging Loan?

No, you do not need a good credit score. TIC Finance welcomes applicants from all financial situations and bad credit situations. Whatever services you require to obtain finance, we provide a professional and fast bridging loan service.

What Are the Terms and Conditions of Bridging Finance?

The terms and conditions vary depending on the lender and the type of loan. Generally, bridging finance will have a short period for repayment (usually between six and 12 months) and higher interest rates than more traditional forms of financing. It is important to make sure that you understand the terms and conditions of any legal agreement before taking it out.

How Long Does Bridging Finance Take to Apply For?

The length of time it takes to obtain bridging finance will depend on the lender and the type of loan being taken out. Secured bridging loans typically take between two to four weeks, while unsecured bridging loans may be available more quickly. Our lenders will assess your application and affordability before securing you the best bridging loan suited to your situation.

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How To Get Bridging Finance

If you are looking for a bridging loan to buy a house, calling TIC Finance is your ideal solution. With an extensive history of helping individuals secure fast bridging loans in the UK and a track record of providing bridging loan finance for many previous clients, this places you in the best care for financial help with your property.

FCA Regulated Bridging Loans UK

Our application process for our bridging finance is quick and simple, all you have to do is phone 020 3411 4451, fill in our quick and easy form, or send your question to our chat box on the right!

  • Fast Bridging Finance Solutions
  • Expert Financial Advice
  • Trusted Loan Providers
  • Financial Conduct Authority Regulated
  • Provide Fast Bridging Loans
  • We Help Individuals Secure Bridging Loan Finance, Whatever Your Financial Circumstance Is
  • We Provide Effective and Trustworthy Short-Term Solutions
  • Specialist Lenders for Your House Purchase
  • Flexible Finance Options

As well as providing fast bridging loans, we provide an array of property finance solutions, such as joint venture finance and property development finance. We can help stop repossession, help you with your property sale, provide refinance options and much more. Our bridging loan lenders are experts in their field and we are here to guide you with your bridging finance and property venture every step of the way, even if you are submitting an urgent application.