We can help you secure a bridging loan for property and land finance in Devon
At Bridging Options, our team is equipped to connect you with high street lenders if needed, or a traditional lender if you need a typical bridging loan for residential properties.
If you are looking to purchase a property in Devon, or you need to secure funding for property development, retirement relocation, and more, Bridging Options is here to help. This page will cover all the basics of bridge finance.
What is a bridging loan?
Bridging loans work by seeking to fill a gap between the sale of one property and the acquisition of another.
Bridging loans take into account property value in accordance with property law rules regulated by the Financial Conduct Authority, in addition to credit history, exit strategy, as well as any other type of collateral accepted to secure the short-term finance loan.
Bridging loans are essentially a type of funding you can use that is secured against something that is pending a sale, that returns the funds to the bridging loan lender.
With this in mind, there are two main types of bridging loans.
Open bridging loan
An open bridging loan is a type of bridging finance that has no fixed end date.
This means that open bridging loans can be repaid at an agreed-upon date according to what the borrower feels they can manage.
Fewer lenders offer bridging loans that are open.
A traditional high street lender operating within high street banks would be the likeliest type of lender to move forward with open bridging finance.
Closed bridging loan
Closed bridging loans are the most common types of bridging finance offered.
A bridging loan that is closed has a set and fixed end date by which the borrowed funds must be repaid. This timeframe can range from 12 months (the most common) to up to 3 years.
How do you get a bridging loan in Devon?
No matter where in Devon you are considering buying property, the best course of action is to confer with an appointed representative that can guide you through the bridging finance process.
An important fact to keep in mind is that a bridging loan is a secured type of property finance.
This means you will need to have a current property, an adequate cash flow, and certain qualifications to secure funding for a new property in Devon.
Our team of advisors is equipped to answer all your questions and provide the most pertinent advice to secure fast finance for your short-term finance needs.
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Who can get a bridging loan in Devon?
Virtually anyone can get a bridging loan in Devon granted you meet the qualifications.
Property finance largely centres around the value of your current property that is then matched to the new property in Devon you are seeking to purchase.
Firm exit strategies and consideration of other debts or a current mortgage are also factored into the decision-making process.
Types of bridging finance available in Devon
Typically, there are three main types of bridging finance available: commercial, residential, and development finance.
Let’s take a look at all three trading styles.
There are bridging loans to help you acquire commercial properties could be but are not limited to, farming and agricultural properties, hotels, rental properties, etc.
The need to provide finance in a speedy manner for residential property is perhaps the main focus of bridge loans. When a mortgage is not enough, a loan within bridging finance is perfect for a purchase in either first, second, or even third charge, bridging loan choices.
Development is often something that falls outside of the purview of a traditional mortgage, therefore, when seeking property developmental needs, a non-status bridging loan is a perfect choice.
Why choose Bridging Options for bridging loans in Devon?
We work tirelessly to connect those needing bridging finance in Devon to the lender that will meet their own individual needs.
Whether you need advice on the process in more detail, or you need to be connected to a lender as soon as possible, we are here to help and meet your needs in a timely, courteous, and professional manner.
You can contact us by submitting an online enquiry via our website contact form here.