Over the last few years, Bridging Finance has become a more popular source of finance than it has been historically. Property professionals are increasingly turning to providers of bridging finance and short term loans as an alternative to conventional bank finance. As banks have cut back on specialist commercial lending staff, there has been growth in the independent commercial broker sector.
At Emmersons Solicitors, we frequently work with specialist brokers who can access funds from numerous providers. Shopping around can save a lot of money over the life of a project.
Bridging Finance can offer you a fast short term solution. It may be that you wish to acquire a portfolio of property, refurbish a property or develop a site. Bridging Finance is a specialist form of lending, and each lender has different legal criteria and processes which must be followed. The funds come from lenders who offer bespoke products which provide cash, for the short term, to purchasers (both commercial and residential) to buy land/property. A good way to think of it is bridging a gap until you can finance a project in the long term.
It is unlikely you would obtain bridging finance for a period of more than 12 months, although you can obtain it for longer terms if required. The reason for this is because lenders often demand much higher interest rates than that of your average high street lender. For that reason alone, purchasers or developers will want to repay the borrowing faster than usual, and this is often accomplished through a re-mortgage.
Emmersons Solicitors Commercial and Residential Conveyancing team have the expertise to be able to offer you comprehensive advice on Bridging Finance. We can assist you with your purchase and the financial loan you are using. Bridging Finance is specialist finance, so not all lawyers will be able to assist you. However, we have dealt with many bridging lenders and will certainly be able to help move your project forward.
Conveyancing Solicitors Newcastle
Members of the Law Society Conveyancing Quality Scheme
If you are an investor or a purchaser who is using bridging for the first time or an investor who needs assistance having used bridging before, contact us and we will be able to provide a quotation, fast, so you can carry on your business without delay. Contact us :
Expert Bridging Finance Solicitors- Newcastle: 0191 284 6989
Expert Bridging Finance Solicitors - Sunderland: 0191 567 6667or email us: firstname.lastname@example.org
"At the beginning of the year we were presented with a corporate sale opportunity that required very prompt action in order to complete the sale. Upon consultation with our solicitor at Emmersons Solicitors he was quick to understand the need for short term financing within the settlement conditions and the necessity to complete the purchase in under 28 days.."
"Emmersons were excellent in piecing together the exact process with the lender and the necessary paperwork requirements needed."
"Due to the speed of short-term funding solution and hence completion, the property was secured and in enabled us to beat several other interested parties."
"Emmersons come highly recommended by us and we will not hesitate to use their services again for a fast and efficient result."
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For initial discussions or to obtain costs information, contact our Conveyancing Solicitors Newcastle office:
0191 284 6989 Newcastle Office