bridge loans / bridge loan from Prestige Bridging Finance
Q. What is Bridging?
A. Bridging is basically short term property funding. It is a fast-track way to access funding with the smallest possible level of red tape. The 'bridging loan' can be used for any purpose, whether for buying a residential or commercial property or even land. Alternatively it can be used as a means of quickly releasing cash from an existing property that you own, and used for any purpose. In terms of security, the loan is secured against a property on either a first or second charge basis, or even a combination of the two. Bridging usually takes 7-10 days from the start of the process to you receiving the funds. The loan can be for a period of up to a year.
Q. How much can I borrow?
A. £26,000 to £10 Million.
Q. How soon can I have the money?
A. As quick as 48 hours, but normally 7-10 days.
Q. What are your interest rates?
A. Between 1 & 2% per month
Q. How is the money secured?
A. Either first or second charge over a property or a combination of the two.
Q. I already have a mortgage, can I borrow more without repaying my original mortgage?
A. We can arrange to fund the difference between the existing mortgage sum and 80% of the value of the property.
Q. What types of property do you bridge on?
A. Residential and commercial property, as well as land.