For many clients looking to secure short term finance, time is of the essence. However, according to the Bridging Trends report, the average length of time for a bridging loan to complete was still 39 days in Q2. If you need extremely fast finance as a matter of urgency, over a month may be too long.
If you do need bridging finance in a very short time frame, it is possible to find a solution by using a broker like Enness. I recently completed a bridge in just six days, which was an exceptionally swift turnaround.
My client had an expired mortgage on one of their buy to let properties and the lender had given them just two weeks to come up with the funds.
As the mortgage term had expired, the lender had applied a daily charge. As each day passed, more interest accrued, making it extremely expensive for the client. Therefore, it was necessary for us to work quickly in order to save them as much money as possible.
As well as time, the ownership of the property posed a challenge. The property was part owned by the client, and two other parties. Multiple applicants slow down the process as it increases the legal work for both the lender, and the client’s solicitors.
The background of the owners was also problematic. With one owner in their 80s, and the other two with no income to show other than rental, it was a situation many lenders would be deterred by.
I approached a lender who would offer a non-status loan, which meant they wouldn’t look at any other assets, expenses, credit card ratings, income, etc. All the lender looked at was the asset for which they needed the loan.
I was able to secure the client a rate of 0.89% per month over a year-long term. This was an excellent and quick resolution—if you need fast finance, contact me today for a further discussion of your situation.