What is Re-Bridging Finance?
Re- Bridging Finance is when an outstanding bridging loan is coming to an end and the borrower hasn’t achieved the expected exit. If the lender won’t extend the facility or is looking to charge heavy default rates, then Restore Finance can provide a re-bridge at competitive rates to take out the existing bridge and give the borrower more time to achieve their desired exit.
Why might you need to re-bridge your current bridging facility?
You need to get a better rate
You need more time to sell or complete your property
Your current loan is close to default and you want to re-bridge to avoid nasty default rates. Default penalties can be as much as 21% on the first day of default, so it is very important that you secure your exit before you go into default.