Understanding UK Bridging Finance
Bridging finance, also referred to as "bridge loans" and
"bridging loans", have nothing at all to do with re-constructing
the London Bridge. Bridging finance is typically a short-term
loan that a business uses to supply cash for a real estate
transaction until permanent financing can be arranged. The word
"bridge" conveys the fact that the loan is designed to get you
over a temporary obstacle.
A typical use for a bridge loan is to cover situations such as
when a company needs to close on a new office building before
having sold their old one. They would use the proceeds of the
bridge loan to continue making payments on the old building until
it is sold.
Bridging finance almost always requires that you pledge some
sort of collateralas security against the loan. You could offer
up commercial or private real estate that you own,or are in the
process of buying, machinery and office equipment or even
existing inventory. If you have outstanding business and personal
credit, as well as an outstanding relationship with your lender,
you might be able to secure your bridge loans on just a
Because the need for bridging finance sometimes arises
suddenly and without warning, it is a good idea to establish a
relationship with a lender before the actual need arises. When
you do this you can arrange to be pre-approved for a specified
loan limit. Later, when the need suddenly arises, you won't have
to wade through all of the red tape. The typical term for a
bridge loan runs from a fortnight to as long as two years. Of
course, any terms can be negotiated and a motivated lender will
work hard to match your needs.
Since bridging finance usually lasts for a relatively short
period you may find that the interest rate you are being asked to
pay is slightly higher than a more conventional type of loan.
Lenders make their profit by charging interest across the life of
the loan. The shorter the loan period the less interest they
earn. As a result many lenders will often boost the rate by a 1/2
point or more. In general, the length of the loan, the amount of
risk that is present for the lender, the quality of your credit
history and the liquidity and value of your collateral all are
used to help determine the interest rate.
Your best bet for securing a bridge loan at the most
favourable rates and terms is to work with a qualified UK
Commercial Mortgage Broker who understands the ins and outs of
bridge loans. That way you can get your application in front of
as many lenders as possible and end up with several who are
willing to compete for your business.
Commercial Lifeline are Commercial Mortgage and Bridging
You can download our free Commercial Mortgage guides by
Commercial Mortgage Guide page.
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