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Finding Regional UK Bridging Loans
Lenders vary across the UK. While it might be easier to find a local bridging loan provider in central London than in Scotland, there are always options, wherever you are based, and even if you need bridging finance for an overseas project.
Here we'll summarise how the bridge loan sector varies in regions of the UK.
For help with local financing in any area, contact Revolution Brokers on 0330 304 3040, or email the team at [email protected].
Are There Different Rules for Bridging Loans London?
Rules aren't necessarily different, but you are likely to need help from an experienced broker to find the best bridging loan rates in some areas.
- London offers a broader range of bridge loan lenders to select between, and if you need specialist lending, your best bet will usually be a bridge loan provider in the capital.
- You'll need a specialist lender and a provider who caters to bridge loan projects in the area in Scotland. There are restrictions to be aware of, such as eligibility requirements in Glasgow, and development rules in the Highlands.
- Northern Ireland bridging loan lenders are similarly few, but you will always find a lender with the help of a whole-of-market broker. In some cases, lenders operate within particular postcode restrictions; it's essential to apply to the right lender.
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Is There a Cap on Bridge Loans East London Vales?
There is no cap on bridging loans, but most lenders will offer up to 70% or 75% of the purchase value. If your development is higher risk, you will need a more substantial deposit up to 50% of the cost.
The higher property values in London do, therefore, mean that you will usually need a larger deposit to finance the same proportion of your property purchase or investment project.
You can get 100% Loan to Value bridging loans in England, although will usually need to provide additional security to mitigate the lender's risk.
Bridge loans at 100% LTV are rare and will depend on the viability of the project, the stability of your exit strategy and other eligibility criteria.
How Can I Find the Lowest Rates on Bridge Loans East London?
To get the lowest interest rates, you need to demonstrate that your application is low risk. This applies throughout the UK, and to all bridging lenders in all the major cities as well as those in more rural areas.
Applicants who meet the below criteria present the most compelling lending propositions:
- Good exit strategy - if you can prove that you have a plan in place to pay back the loan, and this is viable and quantifiable, you're in a good position. For example, if you plan to sell your development and have an anticipated valuation, or will remortgage and already have an agreement in principle.
- Clean history score - bad credit is always a risk factor, so if you have a good credit rating and no history of adverse credit, your application will be looked at favourably.
- Development experience - if you have completed projects of a similar nature before, and made a profit, a lender will be more confident that you will repay the loan and turn the development around within your expected timescales.
Can I Get a Bridging Loan for an Overseas Property Purchase?
You can, but there are fewer UK bridging loan lenders who will consider financing an international investment.
The most common scenario is where you use a UK asset or property as security to take out the loan, and then use the cash raised to purchase your overseas investment.
In terms of the exit strategy, you could remortgage the overseas property through an international mortgage provider, sell your UK asset to raise the capital, or use another form of repayment if the lender accepts that exit strategy.
Which Bridging Loan Companies London Offer the Lowest Rates?
Given the bespoke nature of a bridging finance project, it's impossible to provide accurate rates and fees without looking at the structure of a bridging finance project.
For example, a bridging loan to purchase a commercial development, with a mortgage agreement in principle as an exit strategy, is a very different proposal from a bridging loan to buy a residential home at auction.
Lenders also have varying policies and criteria, so it's essential to assess your borrowing needs before identifying the most appropriate lenders.
In the worst-case scenario, you could apply to bridge finance providers who won't be able to help and rack up multiple hard credit checks on your file - making it harder to find approval elsewhere.
Finding the lowest rates is also about constructing a compelling application. This area is a speciality of the Revolution team, who will always ensure your paperwork is comprehensive before we apply on your behalf.
How Can I Find an International Bridge Loan Provider?
If you're looking for fast financing for international investment, whether in Europe or further afield, give the Revolution Finance Brokers team a call.
We work with a vast network of bridging loan providers, including those who specialise in non-standard loans.
Are Bridging Loans East London Available for Buy to Lets?
Indeed they are. You can get a bridging loan for a buy to let property even in more remote areas in Scotland and Northern Ireland.
Buy to let bridging loans usually enable a landlord to snap up a bargain investment property or purchase a portfolio rental residence that requires renovation.
For example, an uninhabitable home wouldn't be valid for a standard buy to let mortgage. However, it could be financed through a bridge loan, with a buy to let mortgage as the exit strategy when the development work is complete.
The upper limit on LTV is likely to be around 75%, so you will need a 25% deposit and can expect to be asked for evidence of your exit strategy, such as a remortgage agreement in principle.
How Can Bridging Loan Brokers London Help With Buy to Let Borrowing?
The critical job of a broker is to find you a better deal at the best possible rates.
Other benefits include:
- Help to assess the future rental income or property value of your investment project.
- Negotiating on terms and rates to tailor a mortgage offer to your needs.
- Provide independent advice on any mortgage decisions.
- Assistance throughout the process - from comparing like-for-like deals, explaining any requirements, and help to collate paperwork and documentation.
- Faster application processing, with Revolution consultants on hand to chase lenders and make sure everything is fully compliant for quicker approval.
Particularly with a high-value property market, it's crucial to seek support from an independent buy to let bridging loan broker before proceeding with any applications.
Can I Get a Commercial Bridging Loan Outside of England?
Yes, you can find commercial bridge loan lenders in all UK regions.
Commercial bridging loans are similar for limited companies and Special Purpose Vehicles, with the latter being the trading style most common to bridge loan lenders.
You might be asked to provide personal guarantees from the company directors to secure the lending.
Some lenders will also offer a bridge loan as a second charge.
Expert Help with UK Regional Bridging Loans
As a whole-of-market, independent broker, business finance broker negotiates bridge loans for large and small clients across the UK. Give us a call on 0330 304 3040, or drop a message to in[email protected] to get started with your application!
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.