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The main difference between regular loans and a bridging loans is the time it take to organise the funding. It can take months for a regular lender to complete a deal, but bridging loans can be ready in as little as 72 hours.
Whether you take out open or closed bridging finance you may expect the following:-
1
Ascot is provided with a summary of the deal, reasons for wanting a bridging loan, the security available and a clear repayment strategy.
2
Ascot will request relevant documents and underwrite the deal
3
Ascot issues an offer letter stating the terms of the proposed finance and what is required to be done to obtain that finance
4
Ascot instructs a Surveyor to provide a valuation report and will send necessary documents to your solicitor
5
Solicitor explains the terms and conditions of the loan
6
You sign all the documentation
7
Funds are released to the solicitor for legal completion
8
The bridging loan monies are sent to you
We can provide fast access to funding with the minimum of formalities which can be used for a range of purposes whether that be for a property investment or to raise capital to aid cashflow.
To find out more, get in touch with our team today. You’ll be glad you did.