Bridging Finance
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There are many uses for briding finance; a quick and easy route to some cash secured against a property (or two) on a short term basis.
The main reason for bridging finance is when a housing chain does not allow simultaneous completion on both properties. The loan is short term and provides funds to complete the purchase on the new property prior to the sale of the existing property.
Bridging finance is normally charged on a monthly basis and ranges from 0.6% to 1.5% per month depending on the circumstances.
Additional uses of bridging finance:
- Purchase at auction
- Purchase at below market value
- Purchase of overseas property
- Buy non-mortgageable property, renovate and sell on
- Raising capital for business purposes
Bridging finance is not regulated by the Financial Conduct Authority. We refer bridging finance to a specialist 3rd party provider.