Can I get a bridging loan from Lloyds Bank?

Wednesday 28th February | 3 minute read

Lloyds Bank, operating under Lloyds Banking Group, including Halifax and Bank of Scotland, offers a broad spectrum of financial products and services. These range from personal and business banking solutions to specialised offerings like bridging loans through its private banking division, tailored for individuals with significant income or investments.

Bridging loan from lloyds bank

Who is Lloyds Bank?

Lloyds Bank is a major British retail and commercial bank with branches across England and Wales. Its long history dates back to 1765, when it was founded in Birmingham. Lloyds Bank is one of the "Big Four" banks in the United Kingdom, alongside Barclays, HSBC, and NatWest Group. Lloyds Bank is well-known for its distinctive black horse logo, symbolising its heritage and commitment to customer service. Lloyds Banking Group, the parent company of Lloyds Bank, also owns other financial institutions, including Halifax and Bank of Scotland, allowing it to serve a broad spectrum of customers across the UK.

What do they do?

The bank offers individual and business customers various banking and financial services, including current and savings accounts, mortgages, loans, credit cards, and investment products. The group is significant in the UK's financial services sector, providing insurance, pensions, asset management services, and banking.

Does Lloyds Bank offer bridging loans?

Yes, Lloyds Bank does offer bridging loans through their private banking division; however, how much they lend, the period and the rate available are subject to their assessment of the borrower’s circumstances. Specific eligibility criteria and conditions apply, such as the borrower must be 18 or over, a UK resident to apply, and lending is subject to status and application. Lloyds Bank's specialist lending service is available to those with a sole income of at least £100,000 or £250,000 or more in savings and/or investments, excluding personal pensions or property, making it challenging to obtain.

Bridging loans are short-term financing options designed to bridge the gap between purchasing a new property and selling an existing one or to cover short-term financial needs in specific situations. While Lloyds Bank has a comprehensive portfolio of lending products, it's essential to check directly with the bank for the most current information regarding their product lineup, including whether they offer bridging loans.

What are Lloyds Bank's bridging finance rates?

Lloyds Bank does not advertise indicative bridging loan rates as they base each loan on the borrower's circumstances. This makes it impossible to ascertain the bridging finance rates until a borrower has enquired. For indicative purposes, the average interest rate you can expect to pay for bridging finance in the UK is between 0.44% and 2.00% per month.

What do I need to get a bridging loan with Lloyds Bank?

Before Lloyds Bank offers you a bridging loan, you must meet the following strict eligibility criteria.

  • borrower must be 18 or over
  • a UK resident 
  • Requires a sole income of at least £100,000 or £250,000 or more in savings and/or investments, excluding personal pensions or property, which makes it challenging to obtain.

Lending is subject to status and application.

How do I apply for a bridging loan?

Applying for a bridging loan is typically straightforward. You can do so through Lloyd's 24-hour online and telephone services or contact a bridging loan broker like Finbri to access multiple quotes from the whole market.

What information will I need to share?

Completing a loan application form necessitates providing accurate and comprehensive information across various categories to determine your financial eligibility. Essential details include personal information (name, address, employment, income), specifics of the loan (amount, term, purpose), security details (property type, value, ownership), legal and financial advisor information, credit history (convictions, bankruptcy, arrears), and if applicable, company or SPV particulars (name, registration, directorship). This wide-ranging data collection aims to thoroughly assess applicants' backgrounds, ensuring they meet the criteria for loan approval. 

Final thoughts

Lloyds Bank, one of the UK's "Big Four" banks, offers a comprehensive suite of financial services, including bridging loans through its private banking division. However, there are strict eligibility criteria, so it's not easily accessible.

Lloyds Bank's bridging loans only cater to individuals with significant financial resources and stringent eligibility criteria. If you need more flexible eligibility criteria or want to source comparative bridging loan quotes, speak to us today - we're ready to help.

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