Funding terms provided are approved by the lender's credit committee and show full and comprehensive detail. You can therfore rely on the terms being offered should you wish to proceed. No moving goal posts here !!!
Thank you so much for all you have done to help us, you have no idea how grateful we are. You've helped us to not only purchase our forever home but to also provide a lovely family home for our children to grow up in. Can’t thank you enough. You are fabulous at what you do and your constant reassurance, help and guidance made the whole thing a lot less stressful.
We would like to say an absolutely massive thank you for your work over the past few weeks. Put very simply, we would have lost the new house without you. We really appreciate it. Thanks so much
Thanks so much for the update. Really appreciate you keeping us informed, it makes a world of difference to me and my wife. It reinforces our confidence that everything is in hand for a quick completion on Friday. That's super helpful and really efficient, thanks again
The amount that you can borrow is dependent on your circumstances, but is mainly calculated on a loan-to-value (LTV) basis with a maximum LTV of 80% of the property value. Multiple properties can be used as security to minimise the LTV if available. With additional security properties higher LTVs over 100% are achievable.
For FCA regulated bridging loans the term can vary from as little as 1 month, to maximum term of 12 months. Typically for non-regulated bridging loans (used for commercial purposes) you can borrow for longer periods up to 3 years. We can also arrange open-ended (non-regulated) bridging loans which are available from a very select number of lenders.
The time taken to arrange a bridging loan varies depending on the nature and complexity of the case, but a typical turn-around time would be 7-10 days. A decision in principle can usually be provided quickly within a couple of hours.
No, you do not have to pay any fees up-front in order for us to provide you with funding terms at no obligation. If the terms are acceptable and you wish to proceed you will then be asked to pay for survey fee at the outset, for the property to be valued.
The Bridging Loan's exit route simply refers to the source of funds that will pay the loan off at the end of the term.The exit funds will come from either the sale of a property, or via re-finance.
When the exit is from re-financing, this can be a longer-term property loan (residential mortgage, or investment mortgage such as a BTL mortgage), or any other legitmate source of funds such as inheritance, pension release, share dividend, or the sale of a different type of asset.
In addition to the loan interest, bridging loans also incur an arrangement fee, a valuation fee, legal fees, and a number of other smaller fees such as telegraphic transfer fee, security release fee. This varies from case to case, but all costs are clearly shown before making any application.
Interest rates start from 0.48% per month, and depend on a number of factors including the nature of the security property, what the funds are being used for, and the overall loan to value.
The majority of bridging lenders charge an arrangement fee which can range from 1% - 2%, and will depend on the loan size.
Having a poor credit score will not prevent you from getting a Bridging Loan but may affect the interest rate charged (which will depend on the extend of any adverse credit).
In most cases it is not necessary to provide proof of income (usually where the exit is from a property sale). However, in cases where re-finance will be the exit we may have to demonstrate that the re-finance is achievable.
No, you will not be required to make monthly payments as the interest on most bridging loans is 'rolled-up' or 'retained' and paid off when the loan redeems.
Yes, EquityOne Finance Limited is fully authorised and regulated by the Financial Conduct Authority under FCA Permission Number 733649.
This can viewed in the Financial Services Register on the FCA website.
Yes, we can arrange bridging loans for Companies, including SPVs and off-shore companies.
Yes, you can pay off a bridging loan early. Any interest that was calculated for the full term of the loan (beyond the point that you pay it off) will be refunded to the loan.
This means that you only pay interest on the period that you had the loan outstanding.
Client needed funds to secure a dream property prior to sale of current residence. Case processed & completed while client cruised the mediterranean!
Client with adverse credit struggled to raise finance from traditional sources to complete works on investment properties in order to sell.
To purchase property before completing sale of existing property and complete refurbishment works to make new residence habitable.
Client raised capital for business injection. Secured with a second charge against property that was taking longer than expected to sell.