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Private Bridge Loans are a short-term and temporary funding option. These are intended to be used to as a temporary gap where a debt is due and used when purchasing the property. This is where the term ‘bridge’ comes from, as the loan is effectively ‘bridging’ the gap in finance for a short period until a main line of credit is available. They can also act as a short term stop gap for general loans as well, generally where pressing circumstances occur. Bridge Direct are a Bridging Loan lender in London and Manchester for both Commercial and Residential customers in London, Manchester and the entire United Kingdom.
Bridge finance is considered a specialist, flexible finance option and for this reason, are often used for residential and commercial property refinancing.
In the current climate, both banks and building societies have become more reluctant to lend (this was mainly due to the recent financial crisis). Since then, private bridge loans have become a more viable option for people looking to secure short-term finance to purchase property or kick start ventures while they look to get longer term finance.
A bridging loan is designed to help people complete upon and acquire property before selling their existing home by giving access to money in the short-term. This can help them negotiate a better deal in the process by completing on the purchase property in a shorter period ‘bridging’ the gap between sale and completion.
This is not the only use for commercial bridge loans. A bridge loan can also help someone planning to sell on quickly after renovating a home or help someone buying at auction, giving fast access to funds in a short period. it can also be used to help people who are under pressure to repay banks, business loans and also correct insolvency positions via releasing equity in their property.
Because a Bridge Loan is only intended to ‘bridge’ a short-term gap in available finance, they are typically provided at a higher rate of interest than longer-term mortgages. However, this is not to deter, as a bridge loan can also allow the purchase the leverage of available funds and give more buying power when it comes to finalizing a price, especially if the seller wishes to move quickly with the sale.
The term of the loan is typically 1-12 months but can be increased by up to 2 years. During the agreed term the loan will be secured against any equity held in the property.
As a Bridging Loan Lender in London, Bridge Direct are not brokers, but lenders and experts in this field. We also specialize as a Bridging Loan Lender in Manchester and throughout the entire United Kingdom.
Bridge Direct are a small, private company which was formed to help people with seeking short term bridging finance. Bridge Direct currently have a large lending fund in excess of £12 million and have well over 30 years of lending experience in both the mortgage and financial services industry throughout London, Manchester and throughout the United Kingdom.
Bridge Direct was formed to cater for the man people being denied access to mainstream lending due to prohibitive bank criteria, in the wake of the recent financial crisis. Bridge Direct are the main Bridging Loan Lender in Manchester, London and throughout the entire United Kingdom, no matter you situation you will be considered for a loan.
Our funds are made up entirely of private investors' money with no bank input. Therefore we can apply our criteria which will consider any reasonable proposal or request. We understand the importance of giving people a viable financial solution they can rely on.
As a Bridging Loan Lender in London for both Commercial and Residential customers,
Bridge Direct will have a bridging solutions for your specific situation.
Private Bridging Loan Lenders can be used for many reasons, these include buy-to-let, buy-to-renovate and property investment. A number of reason for using a Private Bridge Loan Lender maybe as follows;
Due to private and high-street banks taking longer to process applications (mainly because of the recent financial crisis) for larger mortgages and/or loans, Fast Bridging Finance has become an easy and quick way to ‘bridge’ the gap until they make their decision.
When using Bridge Direct as you Bridging Loan Lender, you can be assured of their quality service. With over 30 years experience as a Bridging Loan Lender, and with direct access to over £12 million in funds, Bridge Direct will be able to find a competitive deal on par with other Bridging Loan Lenders.
When considering using a bridging loan until you secure a more stable and longer term mortgage or loan, it is important to consider the bridge financing rates and how much you are likely to pay. Bridging loan rates can be influenced by Base Rate at the Bank of England, which, depending on current circumstances can normally vary between 0.49% and 1.5% per month.
The Bridging Loans at Bridge Direct generally run between 3 and 12 months, however, in certain circumstances, there may be the option to extend or begin a new deal.
Bridge Direct have no set criteria for applying for a bridge loan or bridging finance with them. As each Bridge Loan application is assessed on its own individual merit, this means that Bridge Direct can offer:
There are many reasons to choose Bridge Direct as your Bridge loan lender, these include;
As Bridge Direct are lenders, and not brokers, they can cut out the middle men and have direct access to ove £15 million in funds. Therefore, there are no Bridge Loans partners required!
Bridging Finance and Bridge Loans, are short term loans designed to help businesses free up capital quickly and is generally secured against a property. Banks will usually take a number of weeks (and sometimes months) to approve a mortgage or loan application, this is due to still being in the wake of the recent financial crisis. Therefore Bridge Loans have become increasingly more and more popular as they can be approved within a matter of hours, with decisions as to whether you are elligle for a Bridge Loan or not being instantaneous. Generally, you could see the funds from the bridge loan hit your account in as little as five days.
Whilst traditionally Bridge Loans and Bridging Finance solutions are used to 'bridge the gap' between property completions, bridge loans are becoming an increasingly popular way of freeing up capital to start new business ventues, projects or any purpose the borrower sees fit.
The difference between Bridging finance from other loans or mortgages is that the interest rate is almost always charged on a monthly basis rather than annually.
Bridge Direct will try to give you the best deal possible for all you bridge loan requirements and will offer competitive rates to match. As Bridge Direct are Bridge Loan lenders, and not brokers, you can cut out the middle men, which in turn cuts out their fees. Bridge Direct will assess each and every deal on its own individual merits.
Auction Bridging Finance is when Bridging Finance and Bridge loans are an used to help complete on properties at auction when the buyer has not yet a longer term finance option like a mortgage confirmed. By using Bridge Loans the buyer can meet the auction payment deadlines and complete on the property, and in most cases begin on the refurbishment before a mortgage application is approved.
With the Bridge Direct being a Bridge Loans lender, and not a broker you can be safe in the knowledge that any Bridge Loans taken through Bridge Direct would ensure the capital is ready under the normal payment time constraints set at an auction.
When applying for Bridge Loans, Bridge Finance, or any other secured loans, the lender will need to hold some kind of insurance to reclaim the funds and ensure that the lender will get the money should the borrower default on repayments. This is the security of the loan, this could be equity tied up in a residential or commercial property that you as the borrower own.
Bridge Captial is the name given to the funds raised against a property used when using Bridging Loan Finance. Bridging Loan Finance is a readily available for any type of business need, these includes but is not limited to:
The interest on Bridge Loans is paid back in full when the Bridging Loan is rolled up at the end of the loan period. All monies are settled at the end of the term, as opposed to regular mortgages which incur a regular monthly payment.
Closed bridging loans are a short-term loan which is designed for borrowers who have a clear exit strategy. These loans are normally only required for short periods of time, generally in this type of situation, the borrower has a firm date when the loan can be repaid in full. For example, one may take out a closed bridge loan form a Bridge Loan lender to resolve a financial situation after they are have been assured by the bank that their loan application has been approved and are just under going due dilligence checks and awaiting the receipt of funds.
When you look to apply for Bridging Finance or Bridge Loans, but have insufficient equity secured in the property you are looking to use as collateral, then you will requested to provide additional security in the form of another property that you own or have a mortgage against. Additional security is always required with Bridge Loans when you need to borrow a sum of money that is exceeding the LTV rate offered to you by your Bridge Loan lender.
The FCA stands for Financial Conduct Authority. This is an independent body that has been put into place to help to protect consumers from irresponsible lending. So for example, if a borrower requested or required a Bridging Loan or Bridging Finance to be secured against a property they are living in, or even a property inhabited by family or a family member, then it is usually required that the product be FCA approved.
The FCA was design to ensure the following:
Bridge Direct prides itself on the service it offers, and if a fully FCA accredited for all Bridging loan and Bridging Finance packages we offer.
Unlike a mortgage or secured loan that will normally require regular monthly repayments, bridge financing does not. With a bridging loan, the lender will expect the borrower taking out the Bridge Loan to ensure they have a viable exit strategy. An exit strategy is where the borrower has the ability to settle the entire Bridge Loans amount in full. This includes any accrued interest and fees incured. When completing a bridging loan these are rolled up and paid in full, normally at an agreed date, an exit straegy route.
A simple exmaple of an exit strategy would be when the the borrower has a solid date for receiving the funds from their longer term mortgage or loan but are awaiting due diligence checks or further approvals from the banks.