If you need funding urgently either to purchase another property, raise capital or prior to a remortgage completing but have a bad credit history, then a bridging loan may be the perfect solution for you.
Not only will this allow you to complete the transaction and quickly, but it may also allow you to improve your overall credit rating as well.
Bridging loans can be a very important lifeline for people with a bad credit history particularly when you need to get your finances re-organised quickly or you're faced with the possible repossession of a property.
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Bad Credit Bridging Loans are they are often known can be appropriate for a variety of different circumstances including.
· Keeping a property chain going when if can potentially fall down, awaiting the sale of 1 property in the chain.
· Bad credit bridging loans will help self employed people who need to raise capital for a business
· Helping property investors or other individuals to buy a property from an auction and quickly.
Bad credit bridging loans are essentially secured loans, which are secured on the equity in a property. Some lenders will consider on a 1st charge basis only and others will consider on a 2nd charge as well. Loans amounts usually vary from lender to lender and according to the value of the property and the % of equity to be used.
As bridging loans are only intended as a short term lending solution, an exit route of some form is always required. This can be by way of a remortgage to clear the loan or the sale of a property. The maximum term for the advance can be in either of 2 forms, a closed end bridge or an open ended bridge:
1. Closed ended bridge - in this option funding may be required urgently to buy a new property but the sale of an existing property may not complete in time. Therefore the source of the funding required to clear the loan is known but the time it will arrive is not certain.
2. Open ended bridge - in this option funding may be required urgently to buy a new property but an existing property is NOT yet sold. Therefore under these circumstances the source of the funding is known but the time will arrive less certain and therefore more flexibility in the term is required.
Interest rates on bad credit bridging loans can be higher than for those with cleaner credit history's as the perceived risk to a lender is greater. Also as it is intended as short term lending only the lender has to maximize their earnings.
Loan amounts are available from £25,000 - £5,000,000 with terms available from 1-12 months typically. Security will always be required and all loans are secured on property.
Whilst bad credit bridging loans may not be the ideal solution for everyone they are becoming more popular for homeowners needing urgent funding AND with an exit route to repay the amount borrowed.
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