Short-term bridging loans can be quickly arranged on a completely 'non-status' basis, i.e. no accounts required, no income proof required, any amount of CCJ's/Defaults.
Residential property - Up to 80% of Open Market Value. Rate 2% per month. Any purpose.
Commercial property - Up to 70% of Forced Sale Value. Rate 2% per month. Any purpose.
If the loan requirement is less than the maximum stipulated above, then better terms may be available.
A long-established Yorkshire based manufacturing business took out an expensive bridging loan to fund the following scenario:
As residential estates surrounded the factory site, the client obtained outline planning permission for 'residential' which hugely increased the value of the site to £2 million. The client arranged a bridging loan facility for 6 months of £900,000 at 1½% per month (18% pa), and a 1% arrangement fee.
This repaid the clearing bank and gave the client much needed headroom whilst it considered whether to:
The bridging loan was fast approaching maturity and needed to be renewed.
Sterling have now arranged to refinance the bridging loan with a specialist funder in the sector rather than renew with the existing lender. The following terms were obtained:
By the end of the agreed loan term of 6 months the client will have finalised its plans for the site and saved in excess of £50,000 in interest!
Use our Online Enquiry Form on the right hand side of this page or Contact Us on 0800 0735353 and let our professional team find you a competitive UK Property Development Funding Deal.
