FAQs
- What is a bridging loan?
- It is an interest only, short term loan secured on land or property.
- Where do you get your funds from?
- West One Loans funding is secured through private investment.
- Do you only lend on specific types of properties?
- No. We lend on residential, semi-commercial and commercial properties and land regardless of the construction, type or use.
- Is there any employment criteria for the borrower?
- No.
- How long can I take a loan for?
- A bridging loan is designed to be short term and is generally taken out for up to a year. However it is not uncommon for some loans to last two years.
- How much can I borrow?
- There is no ceiling on the amount of funding we can provide as long as you have sufficient security. Funding is generally secured on 70% loan to value.
- What is the difference between a first and second charge?
- A first charge is the primary mortgage or loan secured against a property which takes precedence over all other finance secured against it. If there is sufficient equity in the property, then a second charge could be secured against it.
- What is the minimum amount you lend?
- £30,000 net
- How long does it take to get funds?
- Each case is reviewed individually. However, if all the paperwork is complete, you could receive your funds in as little as 48 hours.
- How long will it take to get a decision?
- If you have supplied all the necessary information we need, in most cases we will give you an immediate decision.
- Are there any upfront fees?
- No.
- What interest rate will I pay?
- Interest will depend on the loan to value ratio and the quality of the security, but can typically range between 1-2% per month.
- Can I repay the loan early?
- Yes, if you manage to secure longer term funding, you can repay the loan early without penalty.
- What is an exit route?
- An exit route is a predetermined strategy to enable you to receive funds to pay back your loan within the required term. A sound and viable exit plan is an absolute must in any loan application.
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