Finding the right bridging loan or short-term finance can be tricky. There is a range to choose from which all cater for different purposes. Below we suggest reasons why you could need a bridging loan as well as what type is best for you.
If you want to renovate property
Renovation finance can provide funding for development and refurbishment projects, however big or small. It may be difficult to get a conventional mortgage for property that is deemed unfit for occupation, (i.e. missing a bathroom, kitchen or plumbing system). Renovation finance can cover the costs of the sale and refurbishment, letting you do it up properly. You can then arrange a mortgage as a long-term solution.
If you need to cover a cash shortfall
Take out bridging finance to fund any legal purpose. This could include car purchases, VAT bills, deposits, holidays or your children’s education. You can borrow from £25,000 to £25,000,000 quickly and efficiently to cover any cash shortfall you may have.
If you want to buy auction property
Bridging finance or a buy to let bridging loan could cover the cost of an auction property in time for completion. As there is only a 28-day time frame to complete the sale, securing a mortgage in time can be tricky. As bridging loans can be organised quickly, they are the perfect solution to buying property at auction. If you’re buying buy to let property, a bridging loan can ensure you don’t miss out on a great deal. For more information, have a look at our article, buying property at auction.
If you want to invest in buy to let property
A buy to let bridging loan can provide funding for a rental property and can help build your portfolio. If you’re unable to secure the required finance in time, we can help. Whether you want to buy rental property at auction or renovate property into separate dwellings, a buy to let bridging loan is the solution and will ‘bridge the gap’ until finding longer-term funding. Please have a look at our article bridging loans for landlords for more advice on how bridging loans can benefit you.
If you want to improve your business
You can borrow up to £25 million to invest in new commercial property, update stock or help with cashflow in your business. A commercial bridging loan can provide funding for a range of properties, like offices, restaurants, B&Bs and pubs. As there is often not much time to secure deals and investments, we can arrange bridging loans quickly so you can get the cash you need in time.
Commercial Trust is a specialist broker with access to a comprehensive range of bridging loan deals and rates. We are not tied to a specific lender. As no two bridging loans are the same, we review each case individually to tailor a loan to your financial requirements. Contact us to speak to one of our advisors today.