Bridging finance also known as bridging loan is a short-term finance for property owners or investors. Typical term of a bridging finance is between 3 months and 12 months. These loans are often taken out when a property is in a poor condition and not suitable for a standard mortgage. Bridging loans can also be used to buy a property at auction or Pay for renovation work.
Development finance works by the lender providing money to purchase the property and the money to complete the building work. Most development finance lenders will offer an initial loan based on the purchase price. We can also arrange 100% for the renovation work. This ensures that the works are completed, and the development is finished and ready to be sold or refinanced.
Renovation projects typically fall into 2 categories: