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FAQ’S

HOW CAN I GET A BRIDGING LOAN

As banks and building societies have become more resistant to lending, bridging loans have exploded in popularity with property developers. To apply for a bridging loan, all you need to do is get in touch with one of our experts.

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WHAT IS THE INTEREST RATE OF BRIDGING LOAN

It’s easy to get confused when it comes to bridging loan interest. But unlike finance options from mainstream lenders, bridging loans interest is charged using a different calculation, with a different method used depending on your chosen package.

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HOW CAN I GET A 1 MILLION BRIDGING LOAN ?

A £1 million bridging loan is absolutely possible – and in fact for some commercial development projects it’s absolutely necessary. But you will need to follow some steps to be approved.

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WHAT ARE THE BRIDGING LOAN COSTS ?

It depends on the individual loan you take out. The costs for both commercial and residential bridging loans are calculated based on a few different options. Our team will be happy to go through each one with you.

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IS BRIDGING LOAN A SECURED LOAN ?

No. A bridging loan is known as a ‘caveat’ loan, which means it is unsecured, but there are some requirements that mean it is more secure than your average unsecured loan.

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HOW DO I REPAY A BRIDGING LOAN ?

Repayments can be made in monthly instalments, from between 1 and 24 months, depending on the length of your loan term. You can also repay it early, with no charge for doing so.

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IS BRIDGING LOAN LEND AGAINST ALL TYPES OF PROPERTIES ?

A bridging loan is great way to finance a mortgage, or developing a property. You can take out a bridging loan against any kind of property you need.

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Do I HAVE TO BE EMPLOYED WHILE APPLYING FOR A BRIDGING LOAN?

No. But debt is a difficult thing for any individual to cope with, especially when you’re unemployed. But at Finanta, we believe that finance should be a tool, not a hindrance. So even if you’re unemployed, you can apply for a bridging loan.

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HOW MUCH CAN I BORROW WITH A BRIDGING LOAN?

You can borrow any amount from £10,000 up to £15 million with bridging finance. However with bigger amount (usually over £1 million), you may need to complete some extra steps in the application process.

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HOW QUICKLY CAN I GET A DECISION ON AN APPLICATION?

Bridging loans are designed to be a quick and simple finance solution for when you really need it. For some applications we can give verbal approval over the phone, with funds recaching your account within 5 – 14 days, depending on complexity.

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WHAT IS THE DIFFERENCE BETWEEN A FIRST CHARGE AND SECOND CHARGE LOAN?

A first charge loan is given to the first mortgage or loan availed against a property. A second charge loan is given if the property still has enough equity value left.

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WHAT HAPPENS IF I AM UNABLE TO REPAY MY BRIDGING LOAN AT THE END OF THE TERM?

If you can’t repay the loan at the end of the term, then the amount is subtracted from the advance payment that you made initially. But don’t worry – that amount is credited back to your account once you make the payment.

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WHAT ARE THE EARLY REPAYMENT CHARGES ON BRIDGING LOAN?

Bridging loans are given to individuals who cannot go for a long-term loan investment plan with high-interest rates with early repayment charges. The bridging loan literally bridges the gap between these kinds of lenders and borrowers that facilitates easy transactions of a loan repayment option. The frequently asked questions are stated here to answer all

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CAN I GET A BRIDGING LOAN IF I HAVE A BAD CREDIT RATING?

Bad credit can be a barrier for a lot of financial solutions, but not for a bridging loan. All you need to do is meet the minimum requirements – of which credit checks, previous income or past bankruptcy do not count.

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DO I NEED A PROVABLE SOURCE OF INCOME WHEN APPLYING FOR BRIDGING LOAN?

No. You do not need a provable income, or employment, to apply for a bridging loan. You do however need to be the owner of the property you’re borrowing against.

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Even if you do not have any proof of income, a poor credit history, or have defaults, CCJs or bankruptcy, we will still be able to offer you a finance deal.
The Finanta Team
The Finanta Team
We are the experts in providing short and long term financial solutions. Finanta, with its industry experienced team continues to go from strength to strength; growing its knowledge, funding lines and portfolio of satisfied clients. Our team is made up of highly experienced financial specialists. We are one of the most efficient and quickest short-term bridging loan specialists.
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