BridgeIT-Lend | Bridging Loans
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Bridging LoansBridging has been a boom market and is getting very competitive but often there are transactions that don’t work for traditional bridging lenders. BridgeIT-Lend's highly experienced team really gets bridging, giving fast approval on many cases and with very competitive rates from just 0.49% pm on lower LTV transactions.- Over £500 million ready to lend.
- Fast, flexible finance.
- Second charges considered.
- Decisions within 1 business day.
- Nationwide Team and Low Interest Rates.
- Up to 80% LTV based on 90 day valuation.
- Borrowing from £200k-£20m.
- Fast turnaround funds available Worldwide of residential/commercial real estate.
- 48 hours-Indicative terms-based on receipt of information by borrower.
- Loan security dependant on first legal charge on potential development site or other securities.
- Linked pricing varies due to risk, location and borrower status.
- Prefer planning permissions granted prior to lending.
- Regular communication with borrower during bridge period.
How you'll Benefit
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BenefitsFirst and Second Charge LoansSubject to rate adjustment on higher Second Charge LTVs.Second Charges consideredWe don’t just lend on First Charges.Whole of mainland UK consideredNot just the South East and the M25.Impaired Credit Applicationsconsidered with a 'good story' that we can verify.Convert to Development FinanceBeing development finance specialists as well, once your site is development ready we offer conversion to development finance with monthly drawdowns.Broker/Introducer fees paidIntroducer Benefits
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Introducer BenefitsLong Term Partnership & SupportA dedicated Relationship Director will work with you to maximise your understanding of our great range of flexible finance products.Excellent, Professional CollateralWe can supply mailers, term sheets and case studies ready to send out to your clients, co-branded if required. Create and manage tv, press, radio and social campaigns.RewardingWe pay procuration fees to introducers where this does not create a conflict of interest.Wide range of Finance solutionsOne relationship, lots of products to suit different requirements.Want to see the Terms?
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Structured FacilityEach facility is structured and priced on its own merits. We will consider terms outside the above LTV and maximum loan guidelines where the circumstances of the loan warrant it.SecurityLending TermsPlease Note: BridgeIT-Lend does not provide FCA regulated mortgage contracts or regulated Consumer Credit loans. Indicative Terms correct as of 1st Oct 2016Click to learn more about the Security Terms of our Bridging Loan solutions.Click to learn more about the Lending Terms of our Bridging Loan solutions.See a Case Study
- SecurityFirst or second charge security taken over acceptable properties in mainland UK.Where the borrower is a Limited Company, additional security will be required in the form of a debenture over the company, a charge over the shares of the borrower and Personal Guarantees from all Directors/Shareholders.Deed of Priority required from existing lender on Second Charge loans.
- Lending TermsInterest charged daily subject to minimum loan term (specific to each loan).Retained interest preferred, however, we will consider allowing interest to be serviced by the Borrower, subject to affordability.We will lend to an individual or Limited Company (inc SPVs) and are able to consider overseas jurisdictions owning UK properties, subject to suitable foreign legal opinions.Broker fees added to the loan where the LTV allows and paid on completion. Responsibility for advising the Borrower on structure and pricing will be solely that of the broker.Details of a viable exit will be required and in some cases we may request evidence of this.Lending will be based on the market value (180 day), however, we reserve the right to lend based on the 90 day value should we deem it necessary.Where a property is being purchased at a discount, we will lend up to 95% of the discounted purchase price as long as this does not exceed the maximum LTV for the scheme.Impaired credit will be considered on a case by case basis.The borrower is responsible for all professional fees and an undertaking/cover for legal and other professional costs will be required.Title Insurance will be a requirement on loans where they meet the relevant criteria and the fee for this will be included in the legal cost.Commercial properties considered.
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Case StudyBridging loan & RemortgagePurchase price: £200,000
Term: 2 monthsOur client a property developer approached BridgeIT-Lend for assistance for the purchase and refurbishment costs of this two bedroom property.
Due to the state of the property a buy to let mortgage was not an option and the vendor required a quick sale, so it was clear that a bridging loan was initially required.
BridgeIT-Lend provided a bridging loan first, this also allowed the client to re-mortgage on a buy to let basis (subject to a simple re-inspection) when the property was complete, without the need for an additional application.
Importantly the client was offered the refinance option within six months of purchase-not many lenders will approve this type of transaction.“The banks weren’t helpful so I was forced to look for another way to finance the deal. The BridgeIT-Lend team were fantastic and I have absolute belief in what they are developing, so it was great to see every aspect of this finance deal come off to perfection. I will definitely seek funding through peer-to-peer for future developments.”Loan amount: £150,000
LTV: 75%
- Case StudyBridging loan & RemortgagePurchase price: £200,000
Term: 2 monthsOur client a property developer approached BridgeIT-Lend for assistance for the purchase and refurbishment costs of this two bedroom property.
Due to the state of the property a buy to let mortgage was not an option and the vendor required a quick sale, so it was clear that a bridging loan was initially required.
BridgeIT-Lend provided a bridging loan first, this also allowed the client to re-mortgage on a buy to let basis (subject to a simple re-inspection) when the property was complete, without the need for an additional application.
Importantly the client was offered the refinance option within six months of purchase-not many lenders will approve this type of transaction.“The banks weren’t helpful so I was forced to look for another way to finance the deal. The BridgeIT-Lend team were fantastic and I have absolute belief in what they are developing, so it was great to see every aspect of this finance deal come off to perfection. I will definitely seek funding through peer-to-peer for future developments.”Loan amount: £150,000
LTV: 75%