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Lending Experts

We’re bridge finance experts. This means we know our stuff when it comes to loans! We know where the best rates are and have access to exclusive deals just for Lending Expert customers.

Huge Market Comparison

We’re not tied to one lender which means we can search the wider market to find you the cheapest loans from across the UK.

Authorised & Regulated

Lending Expert is an FCA regulated credit broker which means you can be assured you are dealing with a legitimate and reputable finance company.

Flexible Lending

If you have bad credit or have previously been refused finance we can consider your application. Whatever your circumstances please get in touch to see how Lending Expert can help.

Is a Bridging Loan Right For Me? 

Bridging loans are great for homeowners looking to bridge the gap between a house sale and purchase – or for property developers or auction buyers who are looking to make a quick purchase rather than going through lengthy mortgage applications or property chains.

Bridging loans are specifically designed to bridge the gap between one form of finance to another. They are usually a short-term solution for covering the period between the sale of one property and completion date on another – helping buyers meet a tight or strict deadline.

When you apply for bridging finance, you are able to get access to faster funding from challenger banks and private lenders, rather than traditional UK banks which often have a very long process and strict lending criteria.

Lending Expert works with the whole of the bridging market, helping you get the best rates and terms and maximising your chances of approval – simply click on ‘check eligibility’ to complete some details and we can provide a quote within 24 hours.

 

Key Features

  • Rates from 0.59%
  • Loan term: 1 to 24 months
  • UK, Scotland and Wales
  • Borrow £10,000 to £20 million
  • Up to 75% LTV
  • Regulated and unregulated
  • Funding in 2 to 4 weeks
  • All credit histories considered

 

Why Should I Apply for a Bridging Loan?

Using a bridging loan is all about the speed of funding – offering a simple alternative where applications are processed quickly and funds can be released within a matter of days.

Mortgages and bank loans could also be used for this purpose, however, they provide a much slower service as the applications are lengthy and funds take time to be released.

For the homeowner who needs to move to another house, but cannot sell their existing property, a bridging finance product allows you to secure the loan against your existing home and buy the new property. Once your original property is sold, you can use the money to pay off your loan. Simple.

For property developers, bridging is commonly used to complete a deal within a tight deadline. If you want to beat other buyers to the punch, this type of funding allows you to get approved and financed quickly. Bridging can also be used for investment or business purposes as a way to raise cash, provided that it is secured against a residential or commercial property.

 

What is the Eligibility for Bridging Loans? 

  • Borrow a minimum of £10,000
  • UK, Scotland and Wales
  • Must be over 18
  • Must have a plan and exit strategy
  • Residential, commercial, mixed properties, HMOs considered
  • All credit histories considered
  • Your property is subject to a valuation

 

Bridging loans come with only two distinctive requirements; to be a property owner and over 18 years of age. The loan amount is determined and guaranteed by the value of the property, so usual criteria such as income and credit history are not as crucial to bridging loan lenders.

A lot of bridging loan lenders will consider those with a bad credit history, CCJs and even previous defaults and arrears because they use the property as collateral. The property you are buying doesn’t even have to be in a good condition and can be in need of renovations and repairs, which makes bridging loans a perfect option for property developers.

If the full loan amount is not repaid at the end of the loan period, the lender can repossess and sell the property to repay the debt.

 

Positives of Bridging Loans 

  • Funds are released very quickly
  • Most lenders will base the loan on the property value as opposed to the purchase price
  • Some lenders will base the loan on the property’s development value, which is great for property developers
  • Purchasing a property is made simple by eliminating chains and lengthy mortgage applications
  • Buying a property with bridging gives you the same benefits as being a cash buyer

 

Negatives of Bridging Loans

  • Bridging loans come sometimes come with a high risk of defaulting, the high-interest rates and additional charges can be unmanageable
  • As they are short-term and convenient, the interest rates and additional charges are high
  • Most lenders require you to pay their legal fees as well as your own
  • You often need to rely on a longer-term finance option as an exit plan
  • Defaulting on payments will have a negative impact on your credit score
  • Your property could be in risk of repossession if you cannot keep up with repayments

 

Why Should I Use a Bridging Loan Broker – Like Lending Expert?

There is a strong case to use a bridging loans broker, such as Lending Expert, since we compare rates across the whole of the UK market, so you are not tied down with just one single lender.

A broker will listen to your requirements, discuss the different options and get quotes from a range of lenders so that you can make the best decision.

Simply request a quote or check your eligibility using our form provided.

 

How Does The Application for a Bridging Loan Work?

Step 1 – Get in touch and submit information about your project

Step 2 – Get indicative terms, you can receive an Offer in Principle in just a few hours

Step 3 – Get a property valuation and undergo checks on your property

Step 4 – Complete the loan offer with your solicitors

Step 5 – Your funds are released

 

How to Get a Bridging Loan Quote with Lending Expert 

You can get started today with a no obligation bridging loan quote with Lending Expert in less than 5 minutes.

We work with a whole range of bridging lenders in London and the UK and can provide the most affordable rates and cater for different properties and requirements.

Our eligibility checker is free to use and our advisors are on hand, 7 days-a-week to answer your enquiries.

FAQ's

What is a bridging loan and when are they typically used?

A bridging loan is a temporary loan until a more longer term solution can be found or arranged. This source of finance is often used in property transactions by landlords, developers, and those who buy property via an auction. Or for home movers when there is a gap between the sale and completion dates in a chain.

What is the loan duration?

Bridging loans are typically used for between 3 to 24 months, with the option to repay in full at the end or refinance under new terms.

Are bridging loans secured?

Yes. Bridging loans are secured against property, both residential, commercial and buy to let. They are secured on either a first or second charge basis.

Can I take out a bridging loan aqainst a buy-to-let?

Yes. Most lenders in the market place will be happy to provide a bridging loan secured on a buy to let property.

What is an open bridging loan and what does it mean?

This simply means that the repayment date is 'open' and has not been set at the start of the loan. You will generally be expected to pay off an open bridging loan within the year. A closed loan has a set date in which the loan is to be repaid.

Can the loan interest be rolled up until the end of the loan?

Yes. Lenders will can roll up the interest charges to be paid in a lump sum when you repay the capital of the loan at the end of the loan term.

Do I need to show proof of income?

Yes. Under most circumstances you will be required to show proof of earnings to demonstrate you can afford the loan repayments.

Can I get a bridging loan while self employed?

Yes. Like other loans are available for self employed people. You will however need to show proof of income either in the form of business accounts, or SA302 documents from HMRC that shows your taxable income for the financial year.

Are bridging loans available to pensioners and older borrowers??

Yes. Bridging loans are available to older borrowers over 65, 70 or up to 80 years of age for some lenders. Since they are only for short term borrowing then your age is less of an issue to the lender. You will however, need to show proof of income and demonstrate how you will meet loan repayments for the duration of the loan.

What is a the maximum LTV I can borrow?

Bridging lenders generally go to a maximum of 75% loan to value. However, this generally depends on the lenders appetite to risk and will be based on a case-by-case basis.

Are there any upfront costs to pay?

You will be required to pay for legal fees and a valuation. Other costs such as an arrangement fee or broker fee can be added to the loan.

What type of exit routes would be required?

As bridging loans are not a long term lending solution, the lender will need to check that you have an adequate way to pay off the loan, which is the 'exit route'. This is generally done by a property sale, or by means of a remortgage in the future for example.

Can a bridge loan be used to buy land?

Yes, bridging finance can be used to purchase land either residential or commercial land plots. If you find a plot of land you want then a bridge loan can be used to buy the land prior to planning persmission being obtained.

Can I used a bridging loan to fund a property purchase abroad?

Yes, this can then be used to buy property abroad, or against the purchase of a property overseas.

What types of properties can you offer loans for?

Lending Expert can facilitate bridging loans for agricultural land, bungalows, care homes, chalets, converted barns, cottages, detached homes, farmhouses, guest houses, hotels, maisonettes, mid-terraced homes, offices, petrol garages, semi-detached homes, studio flats, terraces, townhouses and warehouses.

Which areas do you cover?

We cover bridging loans in London, Manchester, Liverpool, Birmingham, Leeds, Essex, South-West, Wales and Scotland.

Get a quote today and see how our experts can help