In short, a Bridging Loan is a flexible short-term finance solution generally secured against land or property. Bridging finance has evolved over the years, filling the gaps presented by the funding restrictions and liquidity shortfalls that the high street banks find themselves with. This has resulted in Bridging Loans attracting a vast number of quality lenders offering seriously competitive rates and leverage.
Components to a successful bridging loan include suitable assets, acceptable use of funds, and a defined exit strategy.
A bridging loan can be used at property auction purchase or acquiring unmortgageable properties, property refurbishment, preventing a chain break, downsizing, when a traditional mortgage is unavailable, capital raising for personal or business purposes.
Why a Bridging Loan?
The main advantage of a bridging loan is Bridging loans are a finance service provided to help small businesses access quick cash in a short-term contract. This helps ‘bridge’ the gap between a debt and a future influx of cash. They’re most often used for buying or renovating a property, but can be used for pretty much anything depending on the loan terms.
You also need to consider a Bridging Loan because it is much more accessible than other mortgages. In addition to this, they can be arranged within several days depending on the lender. This results in the client being able to readily finance their project at the first opportunity.
A bridging finance package is more flexible than any other commercial mortgage.
Interest only option
Depending on the requirement and purchasing structure, some lenders offer a “Interest only” package. This allow you to pay the interest on a monthly basis, while the principal loan amount is merged as a part of the existing mortgage. This is immensely beneficial for businesses with limited cashflow.
Bridging loans are robust and adaptable. They can be used to finance almost every business expense.
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What our clients say
“I have worked with Bespoke for several years now and have built up a very trusting relationship with the team. They’re always professional, deal with customers very fairly and ensure they’re offered the most effective solutions to meet their needs. I have no reservations in dealing with Bespoke and their abilities to provide suitable solutions for customers.
— Scott Campbell
Head of Barclays Business Sales
I have recommended Bespoke’s services to a number of our clients, both that have existing factoring facilities and also to clients who are looking at their financing options. The service provided has always been exceptional and the feedback from these clients has been nothing but praise. I would therefore highly recommend the Bespoke team.
— Tim Pearce
Managing Partner, Haines Watts
We contacted Bespoke as we were looking for an invoice finance facility to support the business due to our fast growth. They didn’t disappoint! They gave us first-class advice and support and within a week had provided us with a choice of competitive funding options. Bespoke worked with us through the decision process and helped us secure a finance facility which was ideal for our business and offers the flexibility for future growth. A-first class service throughout.
— Paul Davison
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