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  • Mortgages & Finance

    Bridging Finance

    Hi All,

    I've never used bridging finance before but know that it can be useful to grow our business.  I have two questions:  (a) how quickly can it be arranged?  (b) what is the minimum loan term?

    I want to buy a 3b semi detached house for £52,000 and then mortgage it in 6 months' time.  The vendor is not very well so would like to sell quickly.

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    Good afternoon Amber,

    In response to your two questions I am able to confirm that Bridging can usually be arranged in two weeks. 

    However, it depends on the complexity of the finance and the purpose of the advance.  As always it is all about the Fact Find, client information and relevant and appropriate research. Once this information is available expectations of timing of raising funds can be managed more accurately.

    Most Bridging finance can run up to 12 months, sometimes longer by special arrangement.  

    It is all about t realistic exit strategy.

    No Lender will look to finance a project where the client does not have a viable and realistic strategy to repay the Bridge or refinance the loan.    We would always recommend you take the Bridge for longer than expected due to complexities that may arise on selling or refinancing the debt.

    I trust this answers your initial queries.   My number is provided below should you wish to discuss further.

    Caroline J Maguire - Financial Consultant

    07950 622375

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    You can contact me on 07950 622 375 or call the team on 01206 654444 for personalised quote and advice or via the website at http://www.hdconsultants.net 


    Hello Caroline

    Thank you for your helpful reply.  I may be in touch real soon.

    Regards.

    Amber


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