Short term bridge loans or bridge financing is the temporary loan offered by a Bridge loan lender that a borrower can take out to help with commercial requirements. Generally, this type of bridging loan is offered across the term of 6 to 12 months, however, these loans can be extended or new deals found. To apply for a short term bridge loan, the borrower would approach a bridge loan lender, with equity held in an existing property which would be used as the security against the borrowed loan amount.
Bridge Direct are lenders, and not brokers, therefore when you call them you can be assured you are speaking directly with the decision makers. Bridge Direct have a guaranteed instant decision service for all Bridge Lon applications, they will consider bad or adverse credit, accept 1st and 2nd charges and do not apply credit checks.
Most people assume that a bridging loan or swing loan can only be used for residential property requirements. However, it is gaining popularity to use short term bridge loans are also used for any kind of commercial requirements. Bridge Direct has established itself as the go to lender for all types of Bridge loan and Bridging finance, with the majority of their business being repeat custom from people who trust and rely on their dedicated bridge loan services.
Bridge Direct have hundreds of happy customers across the UK. They helped many property owners, in both small and large scale businesses, release equity from their properties to help their businesses flourish and grow. Today, they have access to well over £12 million in funds and the team has well over 30 years of lending experience in both bridging finance and the financial industry. They can offer bridge financing for buying any residential or commercial property and commercial loans for small or large business.
Below are just a few of the reasons why people are showing moving towards Bridging loans rather than their high street bank for a loan or mortgage;
Fast Loan Approvals:
Bank Loans: When you approach a bank for a loan or mortgage their will have to follow a strict procedure of check and due diligence, even before you can be considered for a loan. This is largely due to the recent economic crisis making the bank more wary as to who they lend to. These additional process and check can add weeks or even months onto bank applications.
Bridge loans: When you apply for a bridge loan with Bridge Direct, you will be guaranteed an instant decision. Bridge Direct are lenders, and not brokers, therefore you are speaking with the decision makers. This mean no waiting around, credit checks, and even if you have bad or adverse credit Bridge Direct could have a bridge loan deal for you.
Instant Finance Approval:
Bank loans: With banks an instant financial approval is just not possible due to the stringent checks and due diligence that is in place.
Bridge loans: With a bridge loan finance from Bridge Direct, not only will you get an instant decision as to whether you will be accepted for our application, in some circumstances it may be possible to receive the funds in the same day.
Less Verification:
Bank Loans: The banks will verify your income and documents thoroughly, completing a number of checks before approving your loan request. If you have bad credit history then it will be almost impossible to find a bank that will accept your loan request.
Bridge loans: In bridge loans even if you have adverse or bad credit history also, it is possible for your loan request to be accepted, 1st and 2nd charges are also available.
Possibility of Increment in the Final loan Amount:
Bank Loans: The final loan approved amount would purely depend on your earnings. So increments on the final loan amount may not be possible.
Bridge loans: With a bridge loan the final loan amount would be in the hands of your bridge loan lender, and how much equity you hold in the property or asset you are securing the bridge loan against.
Interest Rates are higher:
Bank Loans: When you take out a loan from a bank the interest rates are normally lower when compared to other loans. However, the problem here is that you could be waiting weeks or even months to find out whether or not you will be approved for a loan. If you have bad or adverse credit, you will also find it impossible to get a loan approval without extortionate interest rates being applied.
Bridge loans: Whilst the interest rates on a bridge loan are generally higher than a loan from a bank, if you are looking to release funds quickly, then a bridge loan is the ideal solution, as you will receive an instant decision and generally funds can be received in the same day.
Flexible Repayment Options:
Bank Loans: With a bank loan you will be restricted to their repayment options, and have to pay regular repayments regardless of your businesses cash flow.
Bridge loans: With bridge loans you have flexible loan repayment options. As well as this as the funds for the bridge loan are not paid back until the loan is drawn down at the end of the term, you don’t have to worry about making the same regular monthly repayments you will find with a bank loan or mortgage.
So, if you are planning to take any type of bridge loans in the UK, then choose Bridge Direct. The team at Bridge Direct are direct lenders, and not brokers, so you can be assured you are speaking with the decision maker. Each deal is assessed on its own merits, therefore even if you have bad or adverse credit you could be approved instantly for a bridge loan.