Bridging loan
What is a Bridging loan?
UK bridging loans are short-term loans much like a mortgage and are secured against property or land for any legal purpose.
It can be up to 80% against the current value of the property or 100% of the purchase price if you are buying under value, or with additional security.
Interest can either be rolled up (payable at the end of the bridging loan), or serviced (payable monthly). Terms can go up to 36 months!
What can it be used for?
Quicker to transact than a conventional mortgage, bridging loans can be used for;
- Auction purchases
- Light and heavy refurbishment of a property
- Property investment – to enable yourself to move into the next property whilst an existing development is waiting to be sold otherwise known as a commercial bridging loan
- Conversions
- Paying a tax bill
- Gifted deposits
- Cover a gap between the sale of your new home
- To release cash for your business
- Farm and land purchases with or without planning
Bridging Loan Criteria
- Residential, Commercial & Land property bridging loans
- From £50,000 – £20m
- Rates from 0.40% per month
- Up to 80% LTV (100% LTV with additional security)
- Up to 36 months
- 1st or 2nd charge
How do I exit the Bridging Loan
A bridging exit is how you are going to repay the bridge. This is typically completed by rent on a buy to let property, sale of said property or by refinancing.
For more information please register your interest here and tell us what is it you are looking to do.
REGULATORY STATEMENT
Hillcrest Property Solutions is registered in England and Wales. Registered office, Hillcrest Property Solutions,
Home Chamber, 255 Ipswich Road, Colchester, Essex, CO4 0EW.
Hillcrest Property Solutions is Authorised and regulated by the Financial Conduct Authority. Our Financial Service Number is 572689. You can this on the
Financial Services Register https://register.fca.org.uk/.
If you wish to register a complaint, please write to us at the address above or email us at info@hillcrestps.co.uk. A summary of our internal procedures for
the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to
the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567.
Home Chamber, 255 Ipswich Road, Colchester, Essex, CO4 0EW.
Hillcrest Property Solutions is Authorised and regulated by the Financial Conduct Authority. Our Financial Service Number is 572689. You can this on the
Financial Services Register https://register.fca.org.uk/.
If you wish to register a complaint, please write to us at the address above or email us at info@hillcrestps.co.uk. A summary of our internal procedures for
the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to
the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567.
WARNING
THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS MADE ON YOUR LOAN OR MORTGAGE.
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