We have lenders who act very quickly and can support auction purchases.
Not all property loans are straight forward. Bridging Finance – or a bridging loan is a short-term facility secured against a property or land and as its name suggests, is used to bridge a finance gap. This allows our clients time to secure a property, planning, tenants etc before a longer-term solution can be arranged, or the asset is sold. Typical term for a bridging loan can be between one month and one year.
Bridging finance has become more popular over the last few years, largely due to the High St banks and building societies tightening their lending criteria – making it increasingly difficult or impossible for some borrowers to access more traditional mortgage options.
It comes in two forms – regulated and non-regulated and the simple distinction is that regulated bridging finance is used by homeowners in need of money quickly to buy a new property that they will live in, for example when their current home isn’t sold, and they must complete on their new home. Non-regulated works in very much the same why but is designed for business or commercial use.
BBS Finance have lenders who act very quickly and can support auction purchases. In fact, the quickest bridge we have completed – from initial call to drawdown – was a remarkable 48 hours!
Main features of Bridging
BBS Finance Ltd is a registered company in England & Wales under reference 14495335.
BBS Finance Ltd is authorised and regulated by the financial conduct authority.
BBS Finance Limited is entered on the Financial Services register (www.Fca.Org.Uk/register) under reference 1002036.
We are a credit broker not a lender.
