Using bridging loan brokers can reduce the stress and time required to secure a bridging loan. Depending on the type of broker you choose, you can find a range of lenders from which to choose. They can also assist you with the application process. They can negotiate on your behalf and ensure that you get the best deal.
How hard is it to get bridging finance?
Generally, bridging loans are a form of short-term interest-only finance. These are used to secure a property sale, buy land, or acquire funds for a future purchase. The lender will assess several factors before approving the loan.
If you have an adverse credit score, you may be unable to obtain a conventional bridging loan. Specialist brokers can help you overcome this problem. They can recommend lenders who can offer alternative financing to those with bad credit. They can also work with you to make sure that you have the right exit strategy.
Whether you are buying land, purchasing a new property, or converting an existing property, fast finance is essential. The market for bridging loans is competitive. There are several different kinds of loan providers, including fixed and variable rates. You will need to explain your situation to your bridging loan broker to determine which type of lender can provide you with the best product.
Bridging finance brokers can save you time by finding the best products, and negotiating with lenders on your behalf. They can provide information about the various types of bridging loans, and explain the costs and benefits of each.