Most people when looking for a bridging loan are looking for instant bridging loans, by the very nature of what they are trying to do it is an urgent requirement hence they think they need an instant bridging loan or even instant bridging finance they are both one and the same thing it’s just that some look for bridging finance and others a bridging loan. Instant Bridging Finance is all about speed however it pays to step back and look at your exact requirements and the timescale you are looking to achieve them in.
Bridging loans are known for the speed at which they can be completed and are used to either bridge the gap between a property purchase or the need to release capital from an existing property that you own, what you must bear in mind is that all transactions are different and whilst a lender can be offered terms within just a couple of hours, other factors have to be taken into account such as valuations, is a surveyor able to do the valuation within the time frame you are looking to achieve this very much depends on how buoyant the market is in your area if property is selling fast then you will need to find a surveyor to do the valuation as quickly as possible which is not always easy.
Then you have to consider the legal's that will need to be completed, not all solicitors are familiar with just how fast bridging finance needs to complete, we work with just specialist solicitors who are used to handling the complexities of a bridging loan and also working at the fast pace that is required, most solicitors will just amble along as if they are dealing with a residential mortgage the legal's are the single most important thing when you are looking for an instant bridging loan, lenders are keen to get the money out of the door but it is always the legal's that delay the transaction from completing, so it is vital that a specialist solicitor is instructed if you want to complete the loan within your time frame.
The other thing that needs to be taken into account is the broker who is arranging the loan on your behalf, bridging loans are always fraught with problems it could be that you want to buy a house quickly because an opportunity has arisen to make a good purchase or that you are in a chain and part of the chain has collapsed leaving you without a buyer when you have agreed to buy another property or that you need to get fast access to capital that have in a property that you own to do another transaction or meet unexpected bills, whatever the reason a good broker will guide you through the process and ensure that all of the deadlines are met, this is why you should always use a specialist broker like target mortgages.
How long to get a bridging loan?
This is the million dollar question the fact is it really depends on your circumstances we have completed loans in as little as three days but these are exceptional circumstance do not believe it if a broker tells you they can do one in 24 hours, we have completed loans in 3 days however this was in a situation where the borrower already had a valuation from an established surveyor on the panel of the lender and had a specialist solicitor instructed.
Realistically for a simple case you are looking at 2-3 weeks and even then it needs everyone working together to push the transaction through the reality is that most bridging finance takes at least 4-6 weeks to complete and in a really complex case it could be even longer.
The other thing to consider is that if you are looking for a second charge bridging loan you will need to get permission from the first charge lender this alone can take up to 14 days to get, this is usually ok with most lenders although can be problematic if you have any arrears with them.
So can you get an instant bridging loan the answer is how instant you want it to be with everything in place, yes 3 days is possible, but as mentioned previously you should realistically look at 3-4 weeks from your initial application until the actual drawdown of your loan.
What you can do now
First thing you need to do to get the ball rolling is to give us a call or complete our web form, we will then discuss with you all of the options that are available in your circumstances, including interest rates and any fees that are payable and tell you exactly what the time scales are likely to be in order for you to get your bridging finance.
With over 20 years experience you can be assured of the very best help and advice from our team.
We are an FCA regulated and for these, you would need an authorised and regulated firm.
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