The Costs of NOT Using Bridging Finance
Bridging finance can sometimes be viewed as expensive and a financing option to be avoided where possible.
However, there are many beneficial uses of bridging finance and here we are going to look at some of the costs of NOT using bridging finance:
Are you at risk of losing a deposit (e.g. from an auction purchase) and need to complete urgently?
Several of our panel lenders specialise in speed – they have a proven track record to complete the deal in less than 72 hours, this is due to their solicitors doing all the legal work so all the client has to do is go into their solicitors, take advice and sign everything.
Have you identified an investment opportunity in high demand and risk losing the property unless you purchase at speed?
This is the main purpose of bridging finance, many of our clients are reputable property developers and they understand that they will need to pay a bit more to secure the development opportunity at the speed required.
Have you started/ completed a development that overran slightly and now require a facility to finish the project and/or provide time to sell it?
Especially due to Covid 19, some developments have ran over and current loans are getting close to going into default and incurring expensive default penalties therefore it is better to refinance and give yourself more time to finish the development and get it sold or to refinance it onto something more longer term.
Do you have equity in investment assets and require quick capital release for business purposes?
Bridging finance can be used for all sorts and a benefit of it is some lenders can take all sorts as security so if you need to raise capital, you can do.
Has your current facility expired/ is your property facing repossession with an urgent refinance required?
Some lenders have a bad reputation and aren’t scared to repossess your property or charge very expensive fees therefore it is essential that you refinance your current facility in plenty of time.
At Restore Finance, we have a variety of lenders on our panel therefore we have all your options covered.
We have lenders with their own specialities – speed, allows adverse credit, small and large loan sizes.
Competitive rates – from 0.25% per month.
Lenders with 0% exit fees so you are not tied into the loan for the duration of the term.
Before we quote you some terms, we like to fully understand your finance requirements so we know we’re getting you a loan, tailored to you.
For a free, no obligation quote, get in touch with the RFL Team.
