Anyone who needs to access flexible finance and wants to find the best UK bridging loan then this article will give more details.
Bridging loans have rocketed in popularity in recent times mainly down to the fact that high street banks have tightened their lending criteria and the application process is very slow and involved.
However, bridging loan lenders prefer to process an application quickly and many can deliver the money within a day or two, depending on the loan’s purpose and the circumstances of the borrower.
Most people are aware of bridging loans to help buy a property while their current home is being sold and some also use them for when a chain breaks in the selling process.
Businesses can also use a bridging loan UK
Businesses can also use a bridging loan UK as a cash injection to expand their business ambitions while others use them for property development and buying property at auction.
In many cases, those wanting large sums of money quickly get to enjoy the benefits that this form of flexible finance brings which means they may cost slightly more than from a high street lender, for instance.
Indeed, there’s a lot to recommend bridging loans for a wide range of purposes and they can be used for buying residential property, retail outlets as well as guest houses, care homes and hotels.
Landlords also get to enjoy the flexibility of bridging loans in expanding their portfolio while a business, for instance, may use the money to refurbish a premises or retail outlet.
For those who are not aware, a bridging loan is a short-term finance arrangement that uses a property’s equity as security which means a borrower can access large sums of money easily with some lenders offering to lend several million pounds depending on the security.
The bridging loan rates UK lenders are charging
Essentially, anyone who would like to enjoy these loans should take a close interest in the bridging loan rates UK lenders are charging since not all lenders charge the same and some will charge various administration fees as well.
Short-term funding is often the quickest and cheapest option for many borrowers and the application process is simplified so the loan can be arranged quickly.
There’s a helpful team at The Bridge Crowd who have the experience to explain what a UK bridging loan is and what they can be used for and, more importantly, how much they are likely to cost a potential borrower.