Bridging Loans
At Lerwick Group we offer our clients flexible solutions with our bridging loans, so that you can acquire the business premises you need with the mortgage that is right for you.
Commercial Bridging loans are appropriate in many circumstances such as buying premises at an auction where there is insufficient time to put in place a term commercial mortgage facility or because the building is in a poor state of repair and would not be suitable for long term funding whereas with a bridging loan facility the property can be acquired, improvements carried out and the bridging facility paid off with a long term re-mortgage.
In a bridging finance situation it is often possible to buy a property based on its value even though the actual purchase price maybe lower, this could be for a variety of different reasons.
- Bridging loans are available from £40,000 to £2 Million.
- Non status and self cert facilities are available to customers without income proof.
- Credit problems such as arrears, defaults, county court judgements can be accepted with a reasonable explanation.
Bridging loans offers are usually released within 48 hours of receipt of all application forms, valuation reports and any other information required.
Examples of a recently completed commercial bridging loan:
- A client purchased a commercial investment development property for £250,000.
- Having completed the purchase on a bridging basis the client sold off part of the site for an agreed amount.
- The client applied for planning permission on the remaining site, obtained planning consent for 3 houses and then sold off the site with the planning permission to a developer.
Call us on 0845 273 3322 or click below to complete the enquiry form to see how we can help with our bridging loans.
Just remember whatever your business, or status or lack of it our aim is always to say yes.