Compare Bridging Loans

Bridging Loans

Proper Finance has an award-winning team dedicated to bridging loans for all purposes. If you are looking to borrow between £25,000 and £25 million against a tight deadline, we can help. We are a bridging loans broker with access to a number of deals and offers in one place and can help find the best finance to suit your requirements.

Bridging loans are a type of finance commonly used to help complete property deals within a short timeframe. Whether moving house, a buy-to-let or completing at an auction, a bridging loan allows you to avoid traditional property chains and access finance in around 2 to 3 weeks from a specialist lender, compared to waiting several months for a traditional mortgage.

Bridging finance is always secured against a property, either by way of first or second charge. The amount you can borrow against the property is typically up to 70% LTV, depending on the lender. The property is used as collateral and you risk this being repossessed if you do not keep up with repayments. The average loan term is 12 to 24 months, with the option to refinance at the end of the loan term.

Proper Finance is able to facilitate quotes from over 30 competitive bridging lenders, operating across the entire country including London, Scotland, the north and the south east. Our loans are available to private individuals and limited companies and can be secured on a residential, semi-commercial and commercial property or land – it doesn’t matter what the construction is or the condition, type or use of the property – we can help.

What are bridging loans used for?

Moving home: For individual homeowners, bridging loans are an effective way to purchase a new home if you have not sold your existing home. The source of finance allows you to complete on your ideal home, beating other potential buyers to the post. Then, when your original house eventually sells, you can simply repay the bridging loan in full.

Buy-to-let: Our loans are popular for property investments who are looking to renovate or refurbish a new or existing property and then resell on the open market or rent out to tenants.

Auctions: There are significant discounts for properties that can be purchased at an auction. With 28 days to come up with the full amount or risk losing the property, bridging loans give you the opportunity to access quick finance secured against the property.

How do non status bridging loans work?

Whilst regulated loans are subject to credit checks, we work with specialist non status bridging lenders who will take a view on poor credit, CCJs and IVAs. Instead, these lenders will prefer to look at the property in question, your plans for it and its potential value. Thus, allowing you to borrow the amount you need and complete on the property in question.

How does the application for a bridging loan work?

A bridging loan application typically begins with an overview of your loan term and requirements and provided that it meets the initial criteria, you will receive a decision in principle highlighting the potential borrowing terms and rates.

This will be followed by an official valuation of the property to confirm its worth. With the final details of the property and the loan agreement signed off by both your solicitor and the lender’s, your loan can be processed and funded within a matter of weeks.

Apply for a bridging loan with Proper Finance

Proper Finance have a bridging team with years of experience and some members have worked previously with the best bridging companies in the industry. Simply speak to one of our advisors today and we will provide you with a personalised quote and help you secure the finance you need as quickly as possible.