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Urgent Bridging Loan
Bridging, by its nature, is often used in circumstances where timing is important and flexibility is required. If you have an urgent need for a bridging loan, we are able to get you terms from lenders very quickly and with a minimum of fuss.
How Long To Get A Decision In Principle?
The first step is to get you terms ie. a quote and decision in principle. We can give you an idea of cost over the phone right away, though we think you should take it further. If you really do have an urgent need for bridging finance we can take some basic information from you and speak to lenders on your behalf.
On the same day, and often within an hour or so, we can be back to you with lender decisions in principle. You know, then, a lender has looked at the proposal and these are the terms under which they expect to be able to lend to you.
Of course, these figures are subject to further lender due diligence such as valuation reports and solicitor title enquiries, so please do not think a lender decision in principle (DIP) is a guarantee of funding.
How Fast To Complete?
Understandably the next question we are regularly asked is how quickly can you have the money?
Those working in the industry, and perhaps you have too, seen the headlines where a lender was able to complete a loan within 48 hours. While this is doable, in some circumstances, it is not really the norm.
There are various parts of the process the lender requires which inevitably take time to complete. They need a valuation report (normally), solicitors enquiries to be completed and potentially other reports such as structural surveys. These all take time to be done and while it doesn’t have to take months, a few weeks is often the actual time it takes.
Solicitors can be a cause of loan applications to slow down. Lenders want to get the money to you as quickly as possible, as do we. You, the borrower, want it as quickly as possible too. To make sure it happens your solicitor has to answer quickly and thoroughly to any questions asked.
We have heard comments suggesting the lender is asking silly questions or what they want is not relevant to the application. Our stance is, even if it is true, it saves time and hassle if your solicitor just answers, rather than arguing.
It is also worth keeping tabs on progress at your end, too. Regular contact with your lawyer will help convey the urgency and won’t allow them to sit back.
Give Us All The Information We Ask For Quickly.
If you want the loan to complete in the fastest possible time it is also very important you give us and the lender any information requested as quickly as possible. As with legal enquiries, not providing it will only delay the money being transferred to your account.
Although someone probably does, most of us don’t like to fill in application forms. Lenders know it, we know it and you know it. However, they have to be done! So, please fill in the forms we send you as soon as possible.
No matter how urgent your need, without certain information a loan can’t complete. Some of it is “know your customer” requirement and other items will be for a lender’s internal process and reporting.
Whatever the reason and whether you think it’s important or not, filling in forms and sending information quickly will help ensure the loan application is as fast as possible.
Working With A Company You Can Rely On
With any property loan application it is always a good idea to be working with a broker and lender you can rely on.
There are many options, at the time of writing, for bridging loans so it is important to know where to go for the best option to suit you.
Some are better prepared to work quickly, others are cheaper than others, it depends on what you want and need at the time.
We will always search for the best option for you, so get in touch today so we can discuss your business and how we can help you.