Bridging Loans are often used as a preferred finance option for auction purchases. As the transaction needs to be completed within 28 days, cash or bridging finance is the quickest method. Another added benefit of using bridging finance is that it can be used when a property is deemed to be not suitable for a mortgage. This is normally when a property is without a kitchen, bathroom or both or has another defect where a bridging loan company will accept but a mortgage company will not.
In the competitive auction property market, peace of mind regarding your ability to follow through with your purchase may mean the difference between acquisition and non-acquisition.
At Primus Finance we assist buyers with auction purchases through securing competitive short term bridging terms most suited to their circumstances.
The majority of high street lenders will only offer a mortgage on a property that is already classed as habitable — eliminating many renovation projects.
Extensions to a habitable property are usually easier to fund, but they will involve borrowers going through substantial checks to ensure that they and their work present no risk to the lender.
At Primus Finance we understand that time is critical to gain the maximum ROI. Whether it your own dwelling or an investment property which needs funding for refurbishment/extension, we can find the best terms in the shortest time through our network.
Selling your home can be stressful, especially if you’ve found your perfect new home, and stuck in a chain transaction.
A personal bridging loan gives you the control to buy your new home quickly, even if there is a break in the chain. There are no monthly repayments to make, as interest is rolled-up for the term of the loan. Also, there are no early repayment charges if you want to pay off your bridging loan early.
Our short-term regulated bridging loan could help you buy your new home while you’re still selling your existing property. And once sold, you simply pay back the bridging loan.