Open bridging loans

open ended bridging picture
At BridgingLoansBrokers we arrange open bridging loans for customers with a known method of repayment but without determined date when funds will be paid off. This type of loan is usually taken when there is no pending sale on the existing property. If there is a pending sale we can offer more attractive closed bridging loan. The open bridging finance is usually taken between periods of 1-12 months however our brokers can offer finance for up to 5 years . Open bridging loans come with higher interest rates as compared to the closed because the repayment period is not known and loan is more risky. The typical time for this type of bridging finance should take around a week from start to finish. We can usually offer open bridging when the client:

Purchases a new property but has not exchanged contracts for old property
Acquires a property for development, conversion or refurbishment
Purchases property at an auction and must complete within 14 or 28 days
Needs to pay urgent tax bills
Raising capital to support his business
Purchases land with a view to obtaining planning consent
Makes further property acquisitions
Purchases non-mortgageable property or a property which is subject to partial or even a full retention
Fast flow of cash
Stop repossessions

 

Please contact us and our broker will guide you on which type of bridging finance is suitable to your circumstances.