Whether you want to buy, sell, or refinance residential property, bridging finance is much faster to arrange than a traditional mortgage and the underwriting process is often more straightforward. As a result, bridging finance can be a perfect option if you need to borrow significant capital to buy a new home, refinance a property in your personal portfolio or need time to sell a property, but you don’t have the time or headspace to go through a lengthy mortgage application process.
If you are keen to secure a loan for a residence quickly with as little hassle as possible, bridging loans can be a near-perfect solution to explore. Residential bridging loans are exceptionally flexible and there are very few limits on how you can use this type of loan, provided a few basics are in order.
In this case, we were approached by a Swiss national and Luxembourg resident who was looking to purchase a prime residential property in Kensington worth £40 million. We successfully arranged an excellent financing vehicle in the form of a bridge loan, which is a convenient and practical way to borrow money quickly. With the client having a stellar financial background and a plan to close the bridging loan within 3 weeks, the lender offered a 60% LTV at a competitive rate of 0.9% per month.
As this case illustrates, you will be able to borrow significant amounts using bridging finance – there is no upper limit on a loan. Enness’ bridging brokers have more than a decade of experience handling residential bridging loans, and the team will be able to help you regardless of how much you want to borrow or if you have a delicate or complicated background.
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