Bridging loans completed with money in bank within 48 hours of making first contact with us

Often finance is required to be in place and ready to use quickly

In recent months we have seen an increase in bridging loan applications where funds are required to be available within just 48 hours.

This is often due to a property sale falling through last minute, a mortgage or other expected finance facility being withdrawn, or some unforeseen personal or business circumstance. These all usually mean anticipated funds are not available, and can cause major problems.

Fast bridging loan funding examples

1. A client contacted us who required a six figure loan urgently. They owned an investment property in London that was worth over twice the amount required and unencumbered, so was offered as security. We approved the bridging loan and emailed our client their loan documents, all within two hours. They printed out these documents and took them to a local solicitor who witnessed them before sending special delivery to the bridging loan provider. The lender prepared the loan for completion so that when the documents were received they were ready to pay the funds directly into our client’s bank account.
2. Another example was for a client who rang late one evening requiring funds that following day. They owned a buy to let property in the midlands that had a small mortgage on it.

We agreed to use this property as security and emailed the loan documents. This time we used a lender who was located close to our client, so they printed out the documents and took them directly to the lender along with identification and other pieces of information, including a mortgage statement to confirm the outstanding mortgage balance on the property.

Unfortunately this loan was ready too late in the day to fund that evening, but instead was ready for the following morning.

The cost of these fast facilities

These fast payouts are achievable through a limited number of lenders who offer an efficient service and do not require full valuations or full legal work. They are by no means the cheapest lenders, but rates under 1% per month are achievable, and with limited other costs. This makes them a good facility for those loans that are required for just a very short term, perhaps whist the problem that led to them being needed in the first place is being sorted out.