Bridging loan solicitors
With 1of the UK's largest, most experienced and trusted teams of property lawyers, if you opt for or need to turn to property bridging finance, we have the experience, know how, ability to act quickly and proactively and have the connections you need.
Bridging finance typical uses
Bridging loans are short term secured loans for time periods of anything from weeks to up to 2 years, with very variable terms depending on duration, loan to value and other factors, with higher interest rates that mortgages. Bridging loans are usually taken out to assist with the purchase, refurbishment or refinancing of property but can also be used for property development. They are typically used to ‘bridge’ the gap in finance for other purposes such as:
- buying a property at auction - having committed to buy at auction and with a fixed completion date, bridging finance allows you to complete the purchase and then seek a better long term arrangement with a traditional mortgage post completion,
- covering a break in a property chain - generally where you have lost a buyer for your property but still want to go ahead with a connected purchase,
- refurbishing a property before sale - a new kitchen or bathroom or redecoration may maximise your sale price.
- lease extensions - if you discover that you need to extend your long residential lease in order to sell, a bridging loan may be an option.
We act for both borrowers and lenders, so we understand the approach that needs to be taken from both sides of the equation.
We have a team of specialist property solicitors who are experienced in bridging and can pre-empt problems. They can ensure you are able to draw down funds as soon as possible. We understand the urgency of bridging finance and will work with you to meet your deadline.