Bridging Finance can be secured on all types of residential, commercial, semi-commercial property on a 1st or 2nd charge basis in England, Scotland and Wales. Many people use bridging finance for the following reasons:
- New residential and commercial property development
- Residential and commercial purchases
- Renovation of property
- Capital raising
- Avoiding bankruptcy
- Purchasing properties at auction
- Land acquisition
Bridging finance loans will always be secured against residential or commercial premises and in some instances even both. Payments are interest only so your monthly repayments are lower as you are not paying back any of the initial advance. There is also an option to roll the interest up into the loan so you have no monthly costs.
As bridging loans are a short-term solution, the interest rate will tend to be higher than that of a mortgage, hence bridging facilities are unsuitable for long term financing. However, Bridging loans can be highly useful and profitable when you need funds fast and here at Commercial 1 we can arrange these funds within four working days.