Fast Bridging Loans
Need a bridging loan quickly? It can take just a few days! Whether it's for a mortgage or other reasons, find out how to get this finance in our expert guide.
Firstly, are you looking for a Bridging Loan?
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Author: Pete Mugleston - Mortgage Expert, MD
Updated: April 20, 2022
Bridging loans are a popular source of short term funding as the application and approval process is so much speedier than a mortgage, but sometimes you need your cash even quickier and so will want a fast bridging loan.
In this article we’ll look at how quickly it’s possible to secure a bridging loan, eligibility criteria you need to be aware of, and how a specialist broker can speed up the process.
The following topics are covered below...
How fast can you get a bridging loan?
Bridging finance can often be secured in a matter of days. This is much quicker than the mortgage processes, which typically plays out over several weeks.
Although several days is an average timeframe for bridging, depending on your individual circumstances and the lender you’re using, it could be as little as 48 hours. The brokers we work with can even get funding in place within 24 hours of putting in an application.
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How to get a fast bridging loan
Understanding every stage of the bridging loan application and assessment process is key to ensuring things go as smoothly and quickly as possible.
Follow these steps to save time when applying for a bridging loan…
Find a broker who specialises in bridging loans
Their expert knowledge is going to be invaluable in helping you get your bridging loan approved as quickly as possible. Many bridging loan lenders are unregulated, non-traditional lenders and so without a broker you could waste a lot of time searching for the best deals. Bridging loans are an expensive form of finance and even seemingly small differences in interest rates can have a big overall impact on the cost.
A specialist broker will understand the process and be able to prepare you for exactly what documentation you’ll need to have ready to avoid any hold-ups. They will also have experience of which lenders normally have the quickest turnaround times.
Have your application provisionally accepted
Once your broker has gathered all the information they need about your circumstances and identified the best lender match for you, you’ll work together to submit your application. This may initially be as an agreement in principle, but some lenders skip straight to a full application. Because your broker will have guided you directly to the best lender for you, you’ll have a much lower chance of being declined and having to start again.
Get a valuation
Your lender will then require a valuation on the property or properties that your loan is going to be secured against. Ideally you’ll have an existing surveyor contact who you know is fast, reliable and approved by the lender, but your broker can help here if not. Once this has been done and any other conditions have been agreed, your formal offer will pass to your solicitor.
Complete on your loan
At this point it will be a matter of legal due diligence and signing off on any documentation via your solicitor. Funds can then be transferred quickly, normally via your solicitor who will then make the transfer to the property vendor. Make sure you’re available to sign the paperwork as soon as it comes through to get the money in the bank as quickly as possible.
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What factors could impact the speed of approval for your loan?
The key thing to remember if you want to secure a bridging loan as quickly as possible is that the stronger your application, the more likely you are to qualify for fast approval.
Unlike traditional mortgages, things like your income and credit score can have far less bearing on a bridging loan application. Instead, lenders will be focussed on the collateral you are using to secure the loan and the evidence you’ve provided of your exit strategy.
An exit strategy is simply how you plan to pay back the loan at the end of the term – normally through either a property sale or a mortgage – and the stronger and more compelling a case you can provide, the easier and quicker it will be for a lender to approve the finance.
Most lenders look at a maximum LTV of 70-75%, so that means you’ll need to have a deposit of at least 30% to allow for interest payments. If you are able to put down more than the minimum then this brings down the risk for the lender and may make it easier for them to make a quick decision on your loan.
Things to consider
One of the key things to consider with a bridging loan is cost. As tempting as it may be to plump for the first lender you find in a bid to save time, this could end up costing you thousands in unnecessary interest. Shopping around needn’t hold up the process – your broker will already have a good working knowledge of the products on offer and will be able to go straight to the best lenders for you, saving you valuable time and money.
Pay attention to the details, as any number of small issues could potentially impact the timings. Simple things like the day of the week you make your application for example, and whether you need to factor in a weekend. Look out for public holidays, including holidays specific to different parts of the UK or religious festivals that could mean you lose a working day.
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Get matched with a specialist bridging loan broker
Needing to secure finance on a very tight deadline can be incredibly stressful, but a broker can help to relieve a lot of this stress by doing much of the hard work for you, connecting you with the most relevant lenders, assisting you with the paperwork and helping the process go smoothly and quickly.
Get in touch today and we will quickly assess your needs and match you with a bridging finance broker that has specific expertise in bridging loans and who can help get your funding approved for you as quickly as possible.
Call 0808 189 0463 or make an enquiry and we’ll organise a no-obligation chat, free of charge, between you and a specialist bridging loan broker.
Yes, depending on your circumstances and the amount you want to borrow a bridging loan may not always be the best option. You could look at your existing assets and consider remortgaging, or another alternative is short-term borrowing from family – if they are in a position to help then this could work out a lot cheaper, even if you agree to pay them back with some interest.
For smaller amounts an unsecured loan could be an option, or you could ask your bank about a short-term overdraft facility.
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Mortgage Expert, MD
About the author
Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!