In This Article
When fast bridging loans are needed, what would usually slow them down?
Bridging loans are generally arranged quickly. When there is urgency in a transaction, this often makes a standard mortgage unsuitable due to the amount of time it can take to get a mortgage offer when a case is being underwritten.
For more urgent transactions such as auction purchases or others where a near-completion deadline is approaching, bridging loans are usually the solution for getting the finance through quickly.
Even with a bridging loan, things can slow them down, which would delay your offer being issued.
For instance, bridging loan lenders still need full information on you, so if you delay giving this to your broker, this will slow the bridging process down.
If a specific property survey is required and not completed, this will also hold up your bridging finance offer.
Choosing a lender accordingly is very important when you need fast bridging loans.
For each scenario, different lenders would ask for varying details. Knowing which lender to approach in a specific situation could be the difference between a fast bridging loan and a slow one.
Therefore taking expert advice when you require a fast bridging loan is very important.
It would help if you looked for a qualified and experienced bridging loan broker that can guide you towards the fast bridging lenders, making a recommendation based on your situation.
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Is it possible to get a fast bridging loan if a property is structurally unsound?
Getting fast bridging loans may still be possible even if the property is structurally unsound.
Important to note is that different lenders’ criteria will vary, so if you want a fast bridging loan, make your bridging broker aware of the urgency.
If the property is structurally unsound, but you still need a quick completion, you would want a lender that does not require multiple surveys holding the process up.
Some bridging loan lenders are happy with properties that are unsound on the basis that they will be fully repaired or even demolished once the bridging finance goes through.
Tell your bridging broker everything that is wrong with the property and your deadline for completion.
They should be able to use this information to search for a bridging loan lender that can still offer a fast bridging loan regardless of the construction of the property.
Lenders’ products and criteria change regularly, so a broker with extensive bridging experience is highly recommended.
Can you still get fast bridging loans even if you have bad credit?
Some lenders can still offer fast bridging loans even with bad credit.
Not all bridging loan lenders are concerned about your credit history as the interest is usually retained on top of the loan, which is repaid in the future when the loan is redeemed.
This means that monthly payments are not usually required on a bridging loan.
As a result, many bridging loan lenders can ignore adverse credit.
Please ensure you still tell your bridging loan broker the full details of your adverse credit so they know which lenders they should recommend.
Adverse credit comes in many forms, so that it could mean several different things.
For instance, bad credit consists of missed payments, arrears, county court judgements, debt management plans, bankruptcies, individual voluntary arrangements and more.
Knowing what the bad credit was and the urgency in the property transaction will help your bridging loan broker search for fast bridging loans for you. If you want more details about your credit history, you can go to Check My File to sign up for a free trial.
Can companies get a fast bridging loan?
It is also possible for companies to get quick bridging loans. Bridging loan lenders are happy to either lend to an individual or a company.
If lending to a trading company, the lender usually needs an understanding of the company and its finances. The level of detail that a lender requires will vary on the individual lender.
If there is urgency in the transaction and a quick bridging loan is a priority, you would likely want a lender that does not require too much upfront information.
A skilled bridging loan broker would know what the bridging loan lenders will ask for in certain situations.
Explain to your bridging loan broker that you wish to take a fast bridging loan through a limited company, and there is a deadline. They should be able to search for a bridging loan lender they believe will be able to complete within the required time, as long as there are no delays in providing information or surveys being carried out.
To find out which lenders are suitable for you in this situation, speaking with an experienced bridging loan broker is recommended.
When needing fast bridging loans, should you use a bridging broker?
Bridging loans are a specialist area, and if there is urgency in the transaction, it is recommended that you get expert help.
If you were to look for a bridging loan yourself with no knowledge of what the lenders generally ask for in certain situations, this could be risky.
Although a broker could never 100% guarantee the outcome of a bridging loan application, as it needs to be underwritten by the lender, they have day-to-day experience in arranging bridging loans, so they would usually know which lenders will be quickest in different situations.
A bridging loan broker would usually be willing to give you a free consultation providing provisional terms if you were to proceed.
Your bridging loan broker will likely be a National Association of Commercial Finance Brokers member.
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Conclusion
It is certainly possible to get fast bridging finance as long as the correct lender is picked for the situation and they are given what they need promptly.
It is even possible to get fast bridging loans if you are trading through a limited company or have bad credit.
If a transaction is urgent and a fast bridging loan is required, you should look for an expert bridging loan broker who knows which lenders to recommend, based on your situation.
Make sure to tell your bridging loan broker the deadline you are aiming for and complete details of your situation so they can recommend you accordingly.
The speed of a transaction is not 100% guaranteed, but finding a bridging loan broker with the correct experience should increase your chances of meeting your deadline due to their day-to-day dealings with lenders.
If you would like I NEED ADVICE to match you with an experienced bridging loan broker that can tell you your options. Please complete the contact form.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
