Bridging finance

Bridging finance

There are many uses of briding finance - essentially a quick and easy route to some cash secured against a property (or two) on a short term basis.

The main reason for bridging finance is when a housing chain does not allow simultaneous completion on both properties, A bridging loan is a short term loan which provides funds to complete the purchase on the new property prior to the sale of the existing property.

Bridging finance is normally charged on a monthly basis and ranges from around 1-1.5% per month depending on the circumstances.

Additional uses of bridging finance:

  • purchase at auction
  • purchase at below market value
  • purchase of overseas property
  • buy non-mortgageable property, rennovate and sell on
  • raising capital for business purposes

 

NOTE: Bridging Finance is not regulated by the Financial Services Authority.

Mayfield Mortgages Limited is an appointed representative of Financial Limited which is authorised and regulated by the Financial Services Authority. Mayfield Mortgages FSA no. 480912.
Your home or property may be repossessed if you do not keep up repayments on your mortgage or loans secured against it.