About Bridging Finance
Short term funding, or as it is more commonly known, bridging finance, is probably the most under used form of financing. A bridge can provide fast access to funding with the minimum of formalities.
Bridging finance can be used in a number of different circumstances, e.g. refurbishment - buying dilapidated properties and then renovating and selling them in a short space of time. One of the most common usages is when people buy a new property before their present one is sold - "a bridge".
With bridging finance, the loan will always be secured against residential or commercial property. A first or second charge will be taken against new or existing property, or a combination of both.
Another great use for bridging finance is for people who purchase property at auction, where funds are required quickly. Bridging is much quicker to arrange than a normal residential mortgage; on average 7-10 working days from first enquiry to completion.
