If you need short-term finance to get your business from A to B, a bridging loan could be the right solution for you. It’s generally used for the purchase and renovation of property, but you can use bridging finance for a range of commercial purposes.
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Bridging Loans and Bridging Finance - Features and benefits through Funding Options:
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Designed for a range of purposes, including property
Borrow between £5,000 and £250 million
Bridging Loans and Bridging Finance - How does it work?
Due to the specialist nature of the loan, interest rates can be higher. However, you can sometimes choose to have the interest payments 'rolled up', meaning you’ll pay a lump sum of interest at the end of the agreed term.
Generally speaking, there will be a fee for the arrangement of the loan as well as administration fees, as with all products. These vary from lender to lender.
A first charge bridging loan is when the property you're securing the loan against doesn’t have any other loans secured against it. If you already have a loan against the property, a second charge loan will apply.
Property will usually be required as security and depending on the terms of the loan, you may also need to provide proof of income. If you’re taking out bridging finance for commercial purposes, you may have to share a business plan.
7.63% APR Representative based on a loan of £50,000 repayable over 24 months. Monthly repayment of £2,252.94. The total amount payable is £54,070.56
*Some lenders may apply fees during the application process, please note that these are set and provided by these entities.
Annual Percentage Rate
Rates from 2.75% APR
1 month to 30 years terms