Uses for our Bridging Finance
Common uses for Bridging Finance are:
- meeting tight transaction deadlines - mainstream lenders and banks often take several weeks to underwrite
and complete a loan transaction. In some cases this is not quick enough so the need for bridging finance that can be completed
in a matter of days is valuable.
- capital raising - raise finance for any loan purpose against an existing property byway of a first or second charge.
- chain break finance - property sales sometimes fall through because one member of the chain pulls out.
Bridging finance can often be granted so that the customer can proceed with their purchase even when the buyer of their property
- property auctions - people often buy properties at auction without having a mortgage in place. Normally
completion has to take place quickly and a high street lender may not be able to complete a loan in time so the speed of
a bridging lender is required.
- property refurbishments - high street lenders often won't lend on properties that need refurbishment so
bridging finance can be the perfect solution. Once the works are completed the bridging finance can be repaid either by selling
the property or by refinancing.
- property conversions - converting single dwellings into flats or vice versa.
- cash flow - funding for short term cash flow requirements.
- landlords looking to buy properties quickly - many landlords expanding their property portfolios may not be cash rich. By securing bridging finance across multiple properties the need for cash deposits can be avoided. With this facility in place landlords will be able to move quickly when they find a suitable property.
Precise Mortgages does not provide bridging finance for:
- credit repair - bridging finance is not suitable for customers who are in financial difficulty and see this
as an option to avoid repossession proceedings.
- semi-commercial or commercial property - we only provide finance for residential and buy to let properties.
- land development - we do not lend on land only.
- farms or agricultural property - we do not lend on these types of properties.
- no exit - there must be a realistic exit.