A Bridging loan is a loan to an individual or a company that can be taken out on a short-term basis, secured against a residential / commercial property or land, until such time as the property is sold or financed with a long-term lender.
- A Bridging Loan is secured against property by way of a first or second legal charge. This could be a new purchase or a refinance.
- The term of a loan can be from 1 day up to 1 year.
- A bridging loan can be from £25,000
- Interest payments can be retained or serviced monthly
- Terms and conditions are negotiable
- Loans assessed against the open market value or purchase price, whichever is lower.
- Loans can be either open or closed. A Closed Bridge is when there is a guaranteed exit already established.
- Funding is available within 24 hours, bridging loans may suit those clients need rapid short-term funding.
- The money raised through a bridging loan can be used for any legal purpose
- Clients solicitors to be a minimum 2 partner firm and to have acted for the client previously
- All borrowers are met face to face at the security property prior to completion by a Glenmore Capital representative.
At Glenmore Capital we recognise that brokers are essential to the finance business.
We work very closely with brokers and are happy to discuss your clients requirements and commercial arrangements with you.
For more information please contact us.
Property auctions can provide a great opportunity to secure a property below the actual market value or open market value.
We can often provide bridging finance for up to 100% of the purchase price (secured against your other assets) allowing you to complete within the required time until you get your long term finance in place or to bridge the gap if your arranged funds fall short of your final bid.
In principle decision within 1 hour
- Up to 100% of purchase price
- Flexible criteria
- From £25,000 to £1 million