What is a 100% Bridging Loan?
These are typically used as a short term loan against a property with no cash deposit used towards the purchase of a property.
Key criteria includes:
- 100% Finance options
- You can borrow for up to 12 months
- Loans can start from £25,000 with interest rate charges starting from 0.48% per month. The interest can be rolled onto the loan amount
- Any security will be considered and all exit routes will be considered.
- It can be regulated or non-regulated
Although described as 100% bridging loan, you cannot borrow 100% of the market value of a property, but you can borrow up to 70-75%. The only way you can get up to 100% is if there was extra security provided. Again, on top of the interest rate charges, there will be a lender’s arrangement fee which is typically set at around 2%. In addition, an exit fee may also be charged. All in all it can take up to two weeks for a bridging loan to complete.
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