We are pleased to annouce that we have launched a new website Bridging Loan Hub. The site acts as an introducer for those looking for bridging finance in the UK. This is a type of short term finance used mostly by homeowners and property developers as a way of making a large purchase before other funding becomes available.
A common example is for homeowners that have not sold their home yet but are desperate to complete on a new property or they risk losing it. A bridging loan allows them to get the money they need to complete on the property and then they can repay the loan when their house eventually sells.
Why Did We Set It Up?
Whilst our company specialists in Search Engine Optimisation (SEO) and getting other companies to the top of Google, we find that we are already working with lots of bridging lenders including SPF and Silverstream Finance. The brands have benefitted from receiving high quality leads through Google, so it only made sense to continue and help them achieve this. So setting up a broker website means that we can continue to pass on leads to our partner and they can continue to grow their business.
How Does It Work?
Customers apply for finance of up to £25 million that can be used to invest in a new property, development, business or invest opportunity (although property is the most common one). Using our basic application form, the customer enters their basic contact details and clicks ‘get a quote.’ The details are then passed to a professional broker that we can partnered with who will speak to the applicant and get a better idea of their requirements. Once confirmed, they will run a series of checks such as affordability, credit and property valuations and then put them in touch with the best lender based on their criteria. From the customer’s point of view, they are able to find the right lender for the product and amount they are looking to borrow. Part of the FCA’s requirements of Treating Customers Fairly means that the applicant will always be offered the lowest interest rate possible – so we can pleased to give the customer a good deal.
About The Products On Offer
Applicants can borrow between £50,000 and £25 million on a loan that is typically secured on the property or business premises in question. The funds are transferred to the customer’s bank account in one lump and the loan term is a maximim of 24 months, whereby this point, the borrower has either sold an asset to repay the loan or they refinance.
The interest rates start at 0.59% per month and the customer has the choice to repay in equal monthly instalments (like a mortgage) or they can roll up the interest and pay at the end of the loan term.
Moving home is a common reason for using a bridging loan but it is also used by property developments to renovate a new or existing property and get access to finance without having to apply for a mortgage and be caught up in the regular property chains. Since valuations and solicitors are a key part of the application process, on average takes 3 to 4 weeks for a loan to be successfully funded.
Bridging Loan Hub is regulated by the Financial Conduct Authority under reference number 713027.