• To enable the purchase of one property before the completion on the sale of another
• To fund the purchase of a property abroad. We are happy to provide funding for the purchase of properties abroad, be they for own occupation or holiday/investment purposes.
• Temporary funding for the purchase of a 'defective' property, pending completion of repairs and draw down of a long-term mortgage.
• To fund the urgent purchase of a property, pending arrangement of a long term mortgage. This of course can apply to an investment property when there is insufficient time to arrange a buy to let mortgage to complete the purchase.
• To capital raise for any purpose, pending a sale of the security purpose.

Q2. What security do you require?

A2. We require a first charge on a residential property situated in mainland England or Wales. In some cases we may also take a charge (first or second) over a second property; for example, in the case of a purchase where there is a related sale we will usually take a first charge on one of the properties and a second charge on the other (assuming that there is, or will be, a first mortgage outstanding).

Q3. How long can I borrow the money for?

A3. For a maximum period of 12 months. In the majority of cases, there is no minimum period.

Q4. When I can expect to receive the funds?

A4. It is possible for funds to be available within as little as 5 working days from your initial application.

Q5. What is your maximum loan to value?

A5. We will lend up to 85% of the property’s Market Value, on a first mortgage basis. We can provide 100% of the purchase price, provided there is a second property available as security with sufficient equity (on a first or second charge basis) to reduce the overall loan to value to not more than 85%.

Q6. What is the difference between ‘closed’ and ‘open ended’ bridging?

A6. A ‘closed’ bridge is where the repayment source of the loan is already in place, but the timing of it is such that the funds will not be available in time to meet the immediate funding requirement e.g. where contracts have been exchanged on the property being sold, but the completion date of the sale is beyond the date that funds are required to purchase the new property.

An ‘open ended’ bridge is where the intended repayment source is known, but is not guaranteed e.g. in the example given above the property being sold may be on the market, but with no buyer in place and therefore the date of sale will be unknown.