Most bridge loans are due for repayment in a year, or just a few months.

If you need to borrow for longer, there are options up to around two years as standard. More specialist bridge loans up to three years can be negotiated with the help of an experienced broker.

There isn't a specific short-term bridge loan, as this type of financing is always short-term in nature, so anything under a year is typical.

Some lenders have a minimum loan term, often of one month, but bridge loans can last for just a couple of weeks if you need a fast financing option and are waiting for a mortgage, for example, to be completed.

Lenders will usually offer up to 18 months, with some agreeing to two years provided the project is viable, and the exit strategy will cover the interest for this period.

Longer bridge loans of up to 36 months are available, but this is a niche product and not available from many lenders.

Many people choose a bridging loan because it takes very little time to organise - as short as a few days pending any valuations.

Bridge finance is much faster than a mortgage since the lender needs to assess the exit strategy rather than your income, affordability and outgoings in as much detail.

Most bridge loans take around five days to two weeks to finalise and get the funds into your account.

If you find that something goes wrong and you cannot pay the bridge loan back at the end of the term, there are a few options:

• Some lenders will agree to an extension - if there is only a short amount of time required.
• Refinancing might be a better option if the lender refuses an extension.
• Additional fees are likely to be incurred.
• If you cannot refinance or repay the loan, and the lender refuses an extension, your security asset or property is at risk of repossession.

There are a few different ways a lender might charge interest:

• Monthly interest means you pay the interest as you go, like on a standard interest-only mortgage.
• Deferred interest is rolled up into the loan balance, with the full value payable at the end of the term.
• Retained interest is calculated for a fixed period, payable at the end of the loan. The interest is calculated before the funds are transferred, depending on how long you need the funds.

If you're looking for a longer-term bridge loan, and cannot be sure when your exit strategy will come into play, you need an open bridging loan. That means you have greater flexibility, although there will still be a finite end of term date.

Closed bridging finance is lower cost, but there is a specific settlement date, and you must be certain you can repay by that point.

Each lender is different, and rates vary considerably across the market, but you will achieve the lowest offers if:

• You have a viable, high-value exit strategy with documentation such as an agreement in principle in place to solidify its reliability.
• There is adequate security in place, such as a higher value property, which would be easy to sell in a repossession scenario.
• Your credit rating is clear, with no serious issues.
• You have experience in the same sector, usually property development, and have completed other projects before.
• The deposit level is at least 40%.