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How Long Does A Bridging Loan Take?
How Long does a bridging loan take this really depends on a number of factors you will often hear brokers mention loans completing in 24 hours, however, this is all but impossible to achieve and there are a number of reasons for this, first is the valuation that any bridging loan provider will want before they can release the loan, this in its self can take up to a week to complete as surveyors tend to work depending on how much workload they have at the time, then you have the legal application that needs to be completed by both the lenders solicitors and your own, as with the valuation a week is the very minimum that this can be achieved in the real world you have to factor in a least a week and to be honest you are looking at a best-case scenario of at least two to three weeks and then only if everyone is pushing to get the deal completed, we have completed a loan in just three days however in this situation the borrower had already got a valuation and their solicitor had already completed a lot of the legal work on the loan and seen if they can qualify for a loan based on the property valuation.
So the real question is how much of the documentation do you have ready? has a valuation been carried out? are your legal team in place, then it is a matter of getting all parties working together with your solicitor, the valuer and a good broker who is coordinating the whole process on your behalf, the main thing to achieving success is to set a date for completion that way everyone is working towards a goal without this they will just amble along with no target date for completion, you can then look to get your completion through in as little as two to three weeks from your formal application for a loan.
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