If you want to buy a property at auction and you don’t have all the funds required to make the purchase outright then a bridging loan could be an attractive option. You can take it out to purchase the property at auction and repay it when you are in a position to get a standard mortgage.
The beauty of a bridging loan is that it can be arranged in a very short period of time; sometimes in a matter of days with the decision given often within hours of making the initial enquiry.
Even if you don’t have enough equity to pay for the 10% deposit we can often quickly release these funds based on security from another of your properties.
If you use another property as security, we can even provide a loan for 100% of the purchase price and then give you additional funds for any renovations.
To get the best possible advice on bridging loans, please get in touch with us or fill out our online application form.
Call us today to see how we can help your property portfolios grow.