Closed bridging loans are the quickest form of bridging finance and often are available within 48 hours. This type of finance is usually in use when longer term finance has already been arranged but funds cannot be drawn down yet. At BridgingLoansBrokers we can arrange closed bridging loans for terms between 1 day and 12 months. Closed bridging loans are less risky than open bridging loans and loan rates are much lower. Lenders normally secure closed bridging finance on the existing property to be sold and may not require proof of income or good credit rating. Closed bridging loan ensures the property is secured and is redeemed on mortgage completion.
We can offer closed bridging loan when the client:
- purchases a new property and exchanges contracts for old property
- purchases property at an auction and cannot complete mortgage in time.
- property development is nearly complete but funds are tied up and its not possible to start a new development
- bought property below market value for Buy to Let purpose and by inserting 1 day loan client can immediately re-mortgage at full open market value.
- want to buy not mortgageable property
Please fill our contact form to get a free bridging loans quote