Non Status Residential Bridging Loans
Non status bridging loans are a type of finance that is offered on residential and commercial properties, they are used to either make a purchase or to release equity in an existing property instead of taking out a personal loan, most people seeking a non status loan are doing so because they have a credit issue it could be late payments on an existing mortgage where they have fallen behind with their payments or it could be that they have county court judgements or a default that has been registered against them for whatever reason, county court judgements can be registered without you even knowing, but once in place traditional lenders will not lend to that person, the judgment is in place for six years and severely affects a person's ability to obtain any credit or finance, in this case if they own a property with some equity or want to buy a property then the only option is to take out a residential non status bridging loan these loans can be regulated by the FCA if you live in the property that you are offering as a security we are fully regulated to deal with both regulated and non regulated bridging loans.
With a bridging loan the lender is not looking towards the borrower to secure the loan based on past credit performance but rather to secure their loan against a property they own or intended to buy, with bad credit this is usually the only option available to them to raise capital even if you have pressing creditors finance is available, this will inevitably buy you time to sort out your existing situation and get your financial record back on track.
In reality, all bridging loans to an extent are non status as they are intended to be used with the only security being the property that you are offering as a security for the loan.
However, if a borrower has a bad credit history lenders will still offer a loan but interest rates will reflect the extra risk due to the borrowers poor previous credit history.
What costs will be included in a Non Status Bridging Loan Quote?
The main thing with a non status loan is that whilst credit history is taken into account the costs of getting the loan are standard the arrangement fee of 2% which is standard across lenders charges will be exactly the same irrespective of whether the borrower has a poor or good credit file.
The borrower will also be asked to pay for a valuation fee to ensure that the property offered for security is suitable and that the loan to value is within their lending criteria, the amount of this has no bearing on what the credit status is of the borrower and will be the same whatever their credit history is like, you will agree an amount beforehand with the lenders valuer and have to pay this on instructing them to proceed. Usually, this amount is based on the end value of the property and also the loan amount, you would normally factor in at least £300 for this valuation and more for a high-value property or loan amount.
Legal fees for both your own and the lenders solicitors, with Residential Non Status Bridging Loans as before your credit history will not affect the amount you have to pay for legal fees, as a minimum a lenders legal fees will be £500 and could increase subject the amount of work they think will be involved in dealing with the loan for the lender. You will also be responsible for your own legal fees and you can negotiate what they are likely to be when instructing your solicitor to act for you.
Interest rates on a non status bridging loan this where things change in theory all bridging loans are non status as they are lent against a property which provides the lender with security for the loan however some are more non status than others when it comes to determine the interest rates that will be chargeable on the loan, all lenders will look at the borrowers track record to determine how they will get their money back a bad track record will flag up previous problems, this is not the end of the world but it does offer them a higher risk than a borrower with an impeccable credit score, to counteract this the increase the amount of interest on the loan to take in the additional risk factor, where as a borrower with an excellent credit score could get a loan with an interest rate as low as 4 % per month this would not be available to a borrower with a lesser credit score, loans are still offered but at a higher rate, and would range from 0.7 to as high as 0.9 % per month depending on the amount of risk they feel they are taking, it really does depend on your circumstances and how badly you need the loan you can also work out your costs with a loan repayment calculator.
How long to get a Non status bridging loan quote?
Exactly the same whatever your credit situation we have many specialist lenders who deal with all sorts of complicated situations including borrowers with defaults arrears and county court judgements registered against them, these lenders are more than happy to look at each case on its merits and come up with a solution that works for both parties.
What can you do now?
Whatever your current situation is we can help to obtain Residential Non Status Bridging Loans over the years we have been arranging bridging loans we have helped hundreds of clients get the funding they need and as a result get them back on track with their finances, we understand that credit problems can and do occur and will listen to your current situation and help you find a solution to move forward to obtain the finance you require, at the very best terms that work for you.
Get in touch you can call us anytime 24/7 or fill in the form on this web page and we will contact you to provide your quote.
With over 20 years experience you can be assured of the very best help and advice from our team.
Some bridging finance is FCA regulated and for these you would need an authorised and regulated firm which we are.
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