A bridging loan is an ideal tool for self employed clients
looking to purchase new premises or raise funds to inject into
their business but do not fit with the traditional lenders criteria.
Traditional commercial lenders criteria and application processes
tend to be extremely lengthy, with brokers often left with a
'shopping list' of requirements to fulfil.
It can also be used to release equity quickly for debt consolidation, business
injection, purchase investment properties and home improvements.
Criteria
- Market Value
- Multiple properties
- Timber / Steel framed
- Restaurants & takeaways
(Subject to criteria)
- Offices
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- Warehouse units
- Retail premises
- No proof of income
- Limited companies
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A self employed entrepreneur was looking
at purchasing a disused church hall to convert into a
childrens playcentre.
He had tried the traditional high
street commercial mortgage but found that they were unwilling
to lend against a property of this type considering its run
down condition.
The bridging facility allowed him to purchase and
renovate the property into a successful business proposition.
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It is advisable to use a specialist property lawyer in cases where bridging is necessary and to provide all the relevant documentation as quickly as possible. This is to ensure that timescales are met and any potential problems spotted as early in the process as possible.
