5 Ways of utilising Faster Bridging with West One

Bridging loans are designed to provide short-term funding solutions for borrowers covering a multitude of reasons.

Unregulated bridging often requires speed and an experienced lender to transact quickly. As some ‘traditional’ forms of financing may take longer, this can result in missed opportunities for those in need of funds.

West One has curated a new faster bridging product which aims to provide a quicker way for borrowers to transact, with completions in 1-week.  This solution could be key for borrowers seeking their next investment especially if there may be greater competition, as we enter a lower Bank of England interest environment. 

1.    Completions in 5 days

The West One in-house support and legal teams can shorten the decision-making timescale, creating faster solutions for the borrower. West One’s faster bridging product aims to complete a bridging loan in 5 working days, with a refined process.

2.    Increasing investment and competition

Faster bridging can create a competitive advantage amongst those investors looking to property purchases. Whether a landlord or a property developer with an investment opportunity, having access to faster bridging could be the solution to funding, if time is a challenge. This inevitability can be a great solution for those looking at quicker completion timeframes. In a reducing Bank of England interest rate environment, demand from investors may increase, leading to more competition in the market.

3.    Buy-to-Let Opportunities

Bridging loans can be a flexible financing option with multiple uses. With West One’s faster bridging, borrowers are required to have at least one Buy-to-Let in the UK. Faster bridging can be used by Buy-to-Let investors as it can provide a funds to secure a property intended for rent but when a mortgage is not yet in place, or if renovation is needed. Once the property is purchased, or works completed, the investor can then look to exit on to a longer-term mortgage option or exit the bridge via sale of the property.

With the Buy-to-Let market being competitive due to attractiveness of some properties which can offer greater yields, speed maybe essential to securing the right property before another investor purchases before your client In these situations, Buy-to-Let opportunities may become more accessible through faster bridging, with funding provided in days This versatile loan is attractive for borrowers as it is used to raise funds for various financial needs and can be arranged in a matter of days.

4.    Refinance

Circumstances may occur when a property loan is ending, and the borrower may not be able to repay the loan in full. This is where faster bridging can play a key role, the lender could pay off the loan and even raise additional funds if needed. If the borrower was using funds as part of a development, the bridge can function as a source of funds to support the development until completed stock is sold or rented. 
Overall, West One’s approach to more flexible lending criteria with the combination of providing funds in just days reinforces bridging loans are a versatile financial option that meets the needs of many borrowers. West One’s refined processes, supported with automation and a dedicated team have allowed West One to develop a bridging solution to allow for a 1-week bridge with the same requirements, support team and dedicated underwriter.

5.    Product features

West One’s faster bridging product criteria offer unregulated bridging loans for properties requiring cosmetic work. West One’s faster bridging product criteria allows the max property value of up to £1 million – London and Home counties, £500,000 elsewhere across England, Wales, and mainland Scotland.