What is a Bridge Loan?
A bridge loan, or bridging loan, is a type of short-term funding used to finance the gap between a purchase & waiting for your longer-term source of funds.
For example, if you’re looking to purchase a property & require immediate funds whilst waiting for your existing property to be sold, a “bridging loan” can ensure the purchase can go through prior to your property sale.
If you're considering using bridge finance use our free bridging loan calculator to calculate its approximate cost over the term.
Bridging loans can be used for a variety of reasons including:
- Residential purchase / fixing a broken property chain / securing a property purchased at auction
- Commercial development / refurbishment / renovations / investment
- HMRC bill payment
- Debt consolidation
- Farming / agricultural purchases & development