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Bridging finance brokers

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 4, 2023

Fact Checked By:
David Nicholson - Finance Editor

The best bridging finance brokers in the UK to get you access to fast bridging loans

If you’re planning to apply for a bridging loan, then you need an expert on your side. Bridging finance brokers simplify the process and help you get the best possible rates.

There are many different brokers to choose from, but none of them gets the same results as Loan Corp. We ensure our clients’ loans are approved quickly, and they get their cash when needed.

This guide will show you exactly why you need a specialist broker like Loan Corp to guide you through the process. We’ll explore all of the ways it’ll benefit you and show you how to get started.

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Why Do I Need A Bridging Finance Broker?

Securing a bridging loan by yourself can be very difficult. Bridging lenders prefer to work with bridging finance brokers. This means it’s usually best to go through a broker rather than contact a lender directly.

Bridging loan finance brokers contact lenders for you and make sure you get the best possible deal. They help you to decide what the right bridging loan option is and then guide you through the application process.

As there are many different lenders with varying costs and rates, you need an expert broker to connect you with the right lender. Your broker should be aware of all available options and have a deep understanding of your circumstances.

A specialist broker, like Loan Corp, has many years of experience in the field. We know exactly how to secure the best bridging loan deals in the market. When we secure you a bridging loan, it’s a loan that’s designed to work for you.

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The Benefits Of A Specialist Bridging Loan Broker

  • Bridging finance brokers are able to secure the best rates for you. This is because they have an overview of all the available options.
  • Bridging loan brokers have access to special rates that aren’t available to members of the general public.
  • Many lenders refuse to engage with borrowers unless they use a broker as an intermediary. This is often a matter of company policy.
  • A bridging loan broker is aware of the shifting currents of the financial markets. They’re aware of which lenders are up and which are down.
  • Bridging finance brokers spend time reviewing your application documents. They’ll identify any issues that might cause a lender to reject your application.
  • A bridging loan broker helps you to understand the complex application process. They also make sure you fully understand the conditions of the loan you’re applying for.
  • Brokers help to reduce the stress of the follow-up process. This is often complicated and involves various legal requirements.

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Areas Where Bridging Loan Brokers Can Help

There are many areas where a specialist broker can help with your bridging loan. Unlike with a traditional mortgage, you’ll be dealing with a lender rather than a bank.

This means it’s important that you have a trusted broker working for you.

100% LTV bridging loans

The majority of lenders will offer bridging loans with a loan-to-value ratio of 75%. However, you may be looking for a 100% LTV bridging loan. With these kinds of loans, you don’t need to pay a cash deposit.

Securing a 100% LTV bridging loan by yourself would be next to impossible. If you use an expert broker like Loan Corp, we’ll be able to get a lender to agree to a 100% LTV bridging loan.

Getting the best rates

As bridging loans are short-term loans, lenders tend to charge high interest fees. Most lenders ask you to pay interest payments at the end of the loan, and they tend to be sizeable.

Loan Corp will negotiate with bridging finance lenders for you and get you the best possible deal on interest rates.

A lot of lenders don’t advertise their best rates and only reveal them to trusted brokers like us.

Longer and larger loans

When dealing directly with clients, some lenders will place strict limits on the amount they’re willing to lend. Bridging finance brokers are able to identify which lenders are more flexible with their limits.

Lenders also place limits on the timeframes of their loans. Loan Corp gives you access to lenders with longer timeframes to suit your circumstances.

Finance speed

One of the main advantages of a bridging loan is how quickly you can be approved and receive your cash.

At Loan Corp, we can get your bridging loan approved within 24 hours. What’s more, we can ensure you receive your cash within just 1 week. This is 2 weeks faster than many other brokers can achieve.

Commercial property

A bridging loan is often used as a form of development finance for commercial property development. However, securing bridging loans for this purpose can involve a lot of red tape.

Bridging finance brokers deal with the bureaucracy for you and make the process simpler.

Some lenders will charge higher interest rates for these types of loans. A broker will be able to negotiate these rates down for you.

First-time borrowers

A lot of lenders are reluctant to lend to first-time borrowers. Some are even reluctant to lend to clients who have borrowed before but don’t have much borrowing experience.

Loan Corp identifies the lenders who are most willing to lend to first-time borrowers. We then help you to secure the best deal available.

Non-standard construction

Are you planning to use a non-standard construction property as security for your loan? This will reduce the number of lenders willing to deal with you.

An experienced broker will find the right lender that’s still willing to grant you a loan.

Bridging loans for land

A bridging loan is a great way to purchase land for commercial or residential property purposes. Usually, you need access to this type of loan as quickly as possible.

Loan Corp audits your personal circumstances and makes sure that your loan application is fast-tracked. This way, you’ll get the cash to buy your land quickly.

Poor credit history

Some lenders are hesitant to grant loans to clients with a poor credit history. Loan Corp has access to over 200 lenders. We’re guaranteed to find lenders that grant loans to clients with bad or no credit.

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What Does It Cost To Use A Bridging Loan Finance Broker?

The costs involved in your loan will vary depending on a host of factors, including your personal circumstances. The main cost to you will always be your loan interest rates.

Some lenders will also charge you an arrangement fee which is usually around 2%.

Loan Corp will make sure that you get the best rates and lowest fees possible.


Different Bridging Finance Loan Types Your Broker Can Secure

There are several types of bridging loans that Loan Corp can help you to secure. Let’s take a look at the most common types.

Regulated bridging loans

A regulated bridging loan is regulated by the Financial Conduct Authority (FCA). This means there are certain restrictions and rules placed upon this type of loan.

Regulated bridge loans are best for residential purposes. They’re secured as first or second-charge loans against your current property. Or against a property that you will occupy in the future.

Unregulated bridging loans

An unregulated bridge loan is designed to be as flexible as possible. It doesn’t have any regulations. This is so that the loan can be tailored to fit your specific circumstances.

Open bridge loans

Open bridge loans give you lots of flexibility. With these loans, the lender won’t set a fixed date by which the loan and accrued interest must be repaid.

However, bridge loans are always short-term loans. So, the maximum repayment terms will still usually be about 3 years. This is ideal if you need a bridge loan whilst you’re waiting for your current property to be sold.

Closed bridge loans

Closed bridge loans come with a set date by which the loan and any accrued interest must be repaid. They offer less flexibility than open bridge loans.

A closed bridge loan is most suitable when you have a property sale completion date. Or, when you have a contract exchange date locked in.

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What Documents Will Your Broker Need?

The exact documents you need will depend on the lender, the type of loan, and your circumstances. Loan Corp will make sure you know exactly what documents you need to begin your application.

Having the correct documentation with you at the start of your application makes for a smoother process. We’ll ensure that you have everything you need so that there are no hitches when you apply for your loan.

Some examples of the documentation you might need to include:

  • Photo ID (driving licence, passport, etc.)
  • Your exit strategy plan (we’ll help you to create this)
  • 3 months’ worth of bank statements
  • Proof of address (council tax statement, utility bill, etc.)
  • Credit scores
  • Income information (tax returns, P60s, payslips, etc.)
  • Contact details for your solicitor
  • Relevant asset or liability details
  • Relevant documents relating to valuation certificates or planning permissions


Why Is Loan Corp The Right Bridging Finance Broker For You?

Applying for bridging loans is a complex business. If you do it on your own, you’re guaranteed to find it very difficult. Many lenders will be reluctant to deal with your application, and you might end up with very high rates.

At Loan Corp, we have years of experience in finding the best bridging loan deals in the market. We have access to over 200 lenders who are willing to give our clients the most favourable rates around.

Whatever your circumstances, we’ll find a bridging lender that’s right for you. We’ll help you with your application and make the process stress-free. Once your loan is secured, we’ll support you with any follow-up processes.

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Will my property be surveyed before I’m granted a bridging loan?

As with a traditional mortgage, the property used to secure your bridge loan will be surveyed. The lender does this to ensure that your property has the right amount of value. If you fail to repay your loan, then your property may be repossessed.

The lender then sells your property as payment for the loan and any accrued interest.

Can I cancel a bridge loan?

Different lenders offer different terms and cancellation periods. Generally, you can cancel your bridge loan within 14 days of acceptance as long as no money has been exchanged.

Can I get a bridging loan if I don’t have an income?

Some lenders don’t grant loans to clients who have no source of income. However, many lenders do.

This is because bridging loans are usually secured against an asset, such as your property. As long as the property has enough equity in it, you should be able to get a bridge loan without having an income.

What’s an alternative to a bridge loan?

One alternative to taking out a bridge loan is securing a home equity loan. Home equity loans allow people to borrow against the equity in their homes.

The interest rates of these loans tend to be lower than they are for bridge loans. The repayment periods are also longer. Generally, you have between 5 to 20 years to repay these loans.


Final Thoughts

Applying for a bridging loan can be very complicated, and you need Loan Corp to guide you through the process. We’re guaranteed to get you the best rates on the market and secure your loan quickly. We make the process straightforward and stress-free so that you can focus on what matters.

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