A principle name in Britain’s bridging loans industry has spoken with huge optimism, following the announcement that these important financial products are once again being sought in greater volumes. According to Bridgingloans.co.uk, a full 32% spike in bridging loan completions has been recorded over recent months, which in turn means that such loans are outperforming the government’s Help to Buy program.
Bridgingloans.co.uk has welcomed the news and insists that the increased closure volume represents concrete evidence that the UK’s economy is returning to strength and borrower confidence is growing. The economic slump is no longer wreaking havoc on the British property market and the immediate future outlook is one of on-going acceleration in borrowing application volumes.
How Bridging Loans Work
“A bridging loan is used as a short term alternative until a longer term solution is available. Depending on the use and criteria, bridging loan rates currently start from 0.65% per month and for a term of usually up to 12 months, albeit longer periods can be negotiated either at the beginning or throughout the initially agreed term of the loan.” – Bridgingloans.co.uk
Bridging loans represent an important and accessible financial product aimed primarily at UK businesses and property owners. Commonly used to secure a property purchase when and where a speedy transaction is needed, the loans can be uniquely affordable and easy to organise. When selling a property, there is often an extended period prior to receiving payment for it which makes closing a deal on a new property difficult.
This is where bridging loans come into the equation, enabling buyers to secure the funds needed to buy the new property while waiting for payment for their own property to clear. This in turn allows them every chance to ensure that no potentially golden buying opportunity is missed, just because of the few weeks or so between the deal being agreed and payment being made.
“We pride ourselves on the speed of our transactions. We will normally call you within hours of an emailed application and supply a written agreement shortly afterwards. If you call our office, this process will be even quicker. If you decide to progress with the application we can instruct the valuation and legal team immediately while the paperwork is being processed, thus saving valuable time.” – Bridgingloans.co.uk
The fact that applications for bridging loans have increased so greatly over the past year clearly illustrates not only how the UK needs and values such loans, but also how confidence in the economy as a whole is accelerating. Both businesses and domestic property owners are showing renewed willingness to enter into financial contracts and bring their investment ideas to life – bridging loans continue to play an important role in both.
Bridgingloans.co.uk is a leading UK finance broker & principle bridging loan funder with a unique commitment to transparency and customer service excellence. A bridging loan is offered on the back of comprehensive and digestible information to ensure rational and beneficial decision making across both domestic and professional circles alike. The team takes great pride in pioneering innovative new services to meet the short-term financial needs of UK borrowers from all walks of life. For more information or to get in touch, check out www.bridgingloans.co.uk
BridgingLoans.co.uk, 44 Leicester Road, Wigston, Leicestershire, LE18 1DR. Tel: 0800 169 1589. Email: [email protected]