April 20, 2017
Bridging lending increased during the last six months of 2016, and with more lenders moving into the market Harry Landy, Sales Director of Enterprise Finance explains how the loans work and how they can help your clients.
Why your client might want a bridging loan
· The need to complete quickly. For example a property developer might be able to secure a better deal the quicker they compete.
· When they buy through a property auction. Buying through auction means completion needs to take place within 28 days, which is when buyers turn to bridging loans.
· They are in a broken property chain. The buyer may have found an alternative property and still need to complete despite not selling the first property.
· They want to buy and develop an uninhabitable property. They can access and satisfy a loan before remortgaging to a mainstream lender.
· Are renovating or developing a current property.
· Have to get planning permission, or are looking to complete a lease extension.
This comment first appeared in FTadviser
This information is intended for professional intermediary use only and must not be distributed to potential customers.
Enterprise Finance Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 302964. Certain types of loans are not regulated, for example loans for business purposes or certain buy-to-lets. Enterprise Finance Ltd is registered with the Information Commissioners Office.
Registration Number: Z6765361 Enterprise Finance Ltd is registered in England and Wales. Company Number: 04440152. Registered Office Address: 3rd Floor, Premiere House, Elstree Way, Borehamwood, Hertfordshire. WD6 1JH.
This information is intended for professional intermediary use only and must not be distributed to potential customers