Taking out a bridging loan can be a confusing process if you are unfamiliar with it. You may be overloaded with information when trying to compare lenders, elongating the process – wasting valuable time. If you’re applying for a bridging loan, it’s likely you’ll want to receive it as quickly as possible for bridging the gap in your finances. A bridging loan is ideal for those moving on from their first home, refurbishing their existing home, or professional entities
Who Is Eligible?
With many lenders eligibility is subjective. In that, each client is reviewed on a case-by-case basis. This is to truly understand your circumstances, making sure the bridging loan is right for you. This being said, anyone can apply for a bridging loan. Whether you’re a company looking for a commercial bridging loan, or an individual looking to fund your home renovation project – there’s no limit as to who can apply. As long as you’re:
- Over 18
- Have evidence of your credit history (even if it’s not perfect)
- Employed or Unemployed
For business entities, a lead candidate may be required. This is someone nominated who can provide information on behalf of the group, including relevant documentation. When it comes to a personal loan, you are the only one responsible.
If you want more information regarding how much you can borrow see our useful bridging loan calculator. This can give you a better idea of what to expect from the bridging loan process.
How Quickly Can I Get It?
A bridging loan could take days or weeks approve. Depending on your personal situation, you may find the process to be extremely quick, or a little longer. It’s worth nothing that if you require it in a shorter amount of time, it’s best to let your lender know as they may be able to help.
The loan will be given for a certain period of time, often no longer than 12 months. If you think you may require the loan for longer than 12 months, then it’s likely a bridging loan is not the right option for you. A bridging loan is simply there to ‘bridge’ the gap and not as a temporary solution.
If you are confident in your eligibility for the loan, then it’s time to take the next step. Request a free quote using our contact form or fill our the form below, and we will be in touch with your personalised quote.