We search 100s of lenders
While we all wish for smooth sailing, life rarely unfolds perfectly. This imperfection reminds us that perfection is elusive. In seeking excellence, we face life’s beautiful unpredictability. Challenges and imperfections pave the way for growth, resilience, and lessons. Instead of chasing perfection, embrace life’s imperfect tapestry. Its twists and turns enrich our experiences and personal development.
Do not despair. Acknowledge our situation and remember that our contingency plan offers many solutions. In adversity, our options help us navigate challenges and emerge stronger.
In finance, opportunities often come unexpectedly. Congratulations on winning the auction property! What’s the next step? Usually, you need a 10% deposit on the same day you win the bid. The remaining amount is due shortly after. This can challenge many buyers because a conventional mortgage often takes over 28 days to activate.
We search hundreds of lenders for you. This is where bridging finance becomes your “Plan B.”
It provides a quick and flexible solution. You can secure the funds you need in time-sensitive situations.
So, when traditional mortgages fall short, we are here for you. We search hundreds of lenders to support you.
Our goal is to help you make your property purchase a reality. Trust us to have your back.
Why would you get a bridging loan?
Bridging loans are often used by those buying a new home before selling their current one. Moreover, landlords, homeowners, auctioneers, and property investors favour them for various needs. These include property purchases and property development.
For example, a bridging loan removes worries about finalising a property purchase within an auction’s tight timeline. These loans can be quickly secured and repaid once the mortgage is ready.
As mortgage brokers, we explore hundreds of lenders. Therefore, we are crucial in helping clients find their plan B for urgent matters. We search extensively to secure the best Bridging loans tailored to their unique needs and situations.
Understanding Bridging Finance
Bridging finance is a specialised product designed to provide short-term funding for property transactions. We search hundreds of lenders and act as a financial bridge. This enables individuals and investors to buy new property before selling an existing one.
This is invaluable when expediency is a priority. Conventional mortgage approval processes might be less efficient or time-consuming. Bridging finance steps in to bridge the gap in time and provide flexibility. This flexibility helps navigate the intricate web of property dealings.
Applying for a bridging loan can differ depending on the lender. However, the process generally involves a few fundamental phases. Initially, we searched hundreds of lenders to find the best match. It typically starts with the lender receiving an initial inquiry. They then evaluate its feasibility and decide whether they can offer assistance. If all aspects align, lenders provide the necessary funding to the applicant.
The dynamics of bridging finance
Bridging finance is available to many applicants, including individuals, companies, self-employed people, trusts, and more.
These are just some of the reasons we search hundreds of lenders. Additionally, funding is also accessible to foreign nationals and offshore entities.
This broadens the range of potential borrowers. Bridging loans are popular among property investors, developers, and landlords.
Those with complex financial profiles often seek quick and flexible access to capital. Therefore, we search hundreds of lenders to find the right fit.
The dynamic nature of bridging finance is as follows:
- Quick Access to Funds: Bridging loans are renowned for their speed. Unlike traditional mortgages, they can be arranged quickly. This process often takes weeks or even days, not months. This agility is useful for rare property opportunities. Additionally, we search hundreds of lenders to expedite the process.
- Flexible Terms: Bridging loans offer considerable flexibility. Clients can choose between closed loans with a fixed repayment date and open loans with flexible repayment dates. This versatility ensures the loan meets individual needs and circumstances.
- Interest-Only Payments: Many bridging loans require interest-only payments during the loan term. This allows clients to focus on the transaction and plan the sale of their existing property. We search hundreds of lenders to find the best interest-only payment rates.
- Property Valuation: Bridging finance relies heavily on the property’s value rather than the applicant’s creditworthiness. This makes it accessible to more clients, including those with poor credit. We search hundreds of lenders to find the right property valuation match for you.
- Professional Assistance: Mortgage brokers like us play a vital role in securing bridging finance. We have access to a vast network of lenders. Our knowledge helps guide clients through the complex process, ensuring they get the best terms. We search hundreds of lenders to connect you with the best professionals in the industry.
Navigating bridging finance with Connect
Our role as mortgage brokers specialising in bridging finance is to make the process smooth and stress-free for clients. We understand this specialised financial product requires a unique approach. Our commitment to excellence shines through in the following ways:
Firstly, we have an extensive lender network. At Connect, we search hundreds of lenders, including major banks, private lenders, and specialised bridging finance providers. This enables us to match clients with the lender that best suits their needs.
Moreover, we offer tailored solutions. We don’t believe in one-size-fits-all approaches. We take the time to understand our client’s needs, objectives, and financial situation. This ensures the bridging finance we secure is custom-tailored to their unique circumstances.
In addition, we prioritise transparent communication. We walk our clients through the process, ensuring they understand the terms, costs, and responsibilities associated with their bridging finance. Transparency is key to our client relationships.
Finally, we focus on efficiency and speed. We know timing is often critical in property transactions. Our expertise in navigating the intricacies of bridging finance allows us to expedite the application and approval process. This helps clients seize their opportunities swiftly.
Why do we search 100s of lenders?
Firstly, we are privileged to have over 170+-panel lenders. Our diligent team of mortgage advisers scours through hundreds of lenders. They aim to identify the most advantageous bridging loan options. It’s crucial to remember that the criteria set by these lenders can vary significantly.
The specific requirements for securing a bridging loan may differ from one lender to another. Consequently, your application might be declined by one provider but warmly embraced by another. This underscores the importance of careful consideration and due diligence in borrowing.
Many lenders tend to evaluate borrowers based on a common set of criteria. These factors typically include:
- Collateral or Security for the Loan: Lenders will assess the asset or property used as collateral.
- Property Type: The type and condition of the property used as security, whether residential or commercial, can impact terms.
- Location: The property’s geographic location is significant, as it can affect its value and market conditions.
- Loan Size: The amount of money requested as a loan is a pivotal consideration for lenders.
- Loan Term: The loan duration determines the terms and interest rates.
- Credit History: Your personal or business credit history demonstrates your creditworthiness and ability to repay.
- Deposit Size: Your down payment or deposit size affects the loan-to-value ratio and terms.
- Applicant’s Age: Some lenders may consider the applicant’s age, especially for those nearing retirement.
- Proof of Income: Demonstrating a stable and sufficient income source is vital for assessing your repayment ability.
- Exit Strategy: Lenders often want to know how you plan to repay the bridging loan. This could include selling the property or refinancing.
- Purpose of the Bridging Loan: Lenders may inquire about your specific use for the loan. This could be for purchasing a new property, renovating, or addressing a financial need. This information helps determine the loan’s suitability and terms.
These criteria collectively shape the lender’s decision-making process when considering your application for a bridging loan, influencing the terms and conditions that will be offered to you.
Understanding the Procedure
