How do bridging loans work?

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:-

The process

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.

Bridging Loan

  • Unregulated loans for residential property
  • 1st Charge only
  • £37,500 – £1,000,000
  • Max LTV 75%
  • Max 12 month term
  • Properties in England, Wales and Scotland Only
  • Additional Security can be considered

Refinance

  • Unregulated loans for residential property
  • 1st Charge only
  • £37,500 – £1,000,000
  • Max LTV 75%
  • Max 12 month term
  • Properties only in England, Wales and Scotland
  • If refinancing an existing bridge, Max LTV 70%
  • Additional Security can be considered

Refurbishment Bridge

  • Unregulated loans for residential property
  • 1st Charge only
  • £37,500 – £1,000,000
  • Max LTV 75%
  • Max 12 month term
  • Properties in England, Wales and Scotland Only
  • Additional Security can be considered

Want more information?

To find out more, get in touch with our team today.  You’ll be glad you did.