FREQUENTLY ASKED QUESTIONS

We've listed below some of the more frequently asked questions concerning bridging loans. If you require further information on Bridging Loans or your particular question is not answered to your fullest satisfaction through our Bridging Loans FAQ's, please contact us immediately.

FREQUENTLY ASKED QUESTIONS

We've listed below some of the more frequently asked questions concerning bridging loans. If you require further information on Bridging Loans or your particular question is not answered to your fullest satisfaction through our Bridging Loans FAQ's, please contact us immediately.

HAVE QUESTIONS FOR US? THEY MAY BE ANSWERED HERE

How much can I borrow as a bridging loan?
Our lenders offer bridging loans of all sizes - most are are between £20,000 to £20 million. They may also consider bridging loans outside of this range - please contact us if you would care to discuss a specific situation.
How soon can I have the money?
We have completed bridging loan applications within 24 hours of the initial enquiry. In most cases three to five working days is a sufficient time in which to complete Bridging Loans with one of our lenders.
What are the charges on Bridging Loans?
Our lenders typical interest rates range from 0.49% per month to 1.5% per month for bridging loans. The actual rate will depend upon your individual circumstances (for more details, please contact us)
What are the penalties if I pay back the bridging loan earlier than agreed?
Only Bridging's lenders offers complete flexibility in their loan terms. You will only pay interest for the period you are borrowing the money.
What security is required for me to get a bridging loan?
A first Legal Charge and Second Legal Charge on the property provided as security for your quick bridging loan.
What is a Second Legal Charge for your bridging loan?
If you own a property with an existing mortgage, Only Bridging has lenders who may be able to offer a quick bridging loan whilst your current mortgage is in place. You will not have to repay your existing loan. This is known as Second Charge Lending.
What is the level of advance that you are prepared to offer for the bridging loans?
Typically, Only Bridging's lenders are able to consider advancing up to 75% of the value of any acceptable security, to provide you with a bridging loan.
What happens if my property is already mortgaged, how much more can I borrow?
The level of 75% is still available but your existing mortgage will have to be deducted from this amount for your bridging loan.
What types of property are acceptable as security for bridging loans?
Our lenders are able accept residential and commercial property as security for a short term loan.
What should I do if I have been refused by another Lender as my security is not conventional?
Only Bridging is a "hands-on" broker and we work closely with our trusted lenders to ensure that all customers receive the best possible service. Contact us with your enquiry even if your property is "out of the norm" to get a quick bridging loan.
How is Only Bridging able to act so swiftly?
We avoid excessive and lengthy bureaucracy or "red tape". We do not make a mountain out of a molehill! We deal directly with the decision makers for your bridging finance and ensure that there are no delays in getting the loan arranged.
What's the catch?
There isn't one! Only Bridging is at the heart of the property market with experience in arranging bridging finance stretching over 20 years. We have extensive experience within the bridging & development loan sectors. We set the highest standards in courtesy, professional diligence and business ethics.