Balmoral Financial offer bridging loans of between £250,000 and £1M against residential properties in the UK. Let’s take a look at everything you need to know about Balmoral, its bridging loans, and what to expect.
Balmoral Financial is Bridging Lender and is privately owned and funded. Its goal is to arrange business related bridging finance, and it describes itself as a financial wellbeing company. According to reports, Balmoral is able to use its own discretion when setting lending criteria, primarily due to the fact they are privately funded, and regarded as a principal lender.
Independence also gives Balmoral a chance to allow its clients to be able to spot opportunities and react smoothly and agilely to get the funds they need in five days or less.
While specifics of Balmoral bridging loans are unavailable at the time because of a lack of information on the company website, there are a few things you can expect with bridging loans. Ultimately, bridging loans are regarded as an alternative to traditional banking, and part of the evolving financial markets. Banks have been tightening their belts for some time now, and it has been left to other people and organisations to step in to supply for the demand.
So, what is a bridging loan? In essence, a bridging loan is used for businesses in the landlord and property development industries. It is a sum of money borrowed from a lender that covers landlords, property developers and investors when they are experiencing a tricky interval between two transactions - selling a home and buying one, for example. Landlords use bridging loans as an alternative to increasing rates, credit history problems and the increased demands placed by the high street lenders.
Companies that offer bridging loans also offer simplicity and flexibility. The lender will offer a loan to the borrower, which helps them finance the purchase of a new property. Then, after six or so months - possibly up to twelve - the borrower repays the loan. Typically, this will include lending money to someone buying a house, and then getting it back - plays a charge and’or interest - when the borrower eventually sells their old house.
The best time to use bridging loans is when you have a good exit strategy. While some people are looking to bridging loans as a type of mainstream lending, they aren’t. You will need to have a cast-iron strategy of selling your property, and exceptional confidence that you will be accepted for a mortgage with a lender, as some in the mainstream may not give you one.
Bridging loans are handy tools for investors, landlords, and property developers that need access to money to buy another home. They are flexible and simple, and available from lenders of all kinds of shape and size, and as long as you can pay back the entire loan within the agreed period, can work out cost-efficient, too. Balmoral Financial could be a good option for you, so head over to its website to find out more.