Nationwide Bridging Loans

Explore the Types of Bridging Loans

There are many types of bridging loans for specific situations. For example, you may need to obtain financing to purchase a residential property after getting turned down for a conventional mortgage. Sometimes, you may qualify for a conventional mortgage, but you may not have the time to wait for the mortgage arrangements.

Along with these common reasons for needing bridge financing, there is a long list of bridge loan types, such as:

• Auction bridging loans
• Capital-raising bridging loans
• Land bridging finance
• Bridging loans to purchase overseas properties
• Pensioner bridging loans
• Closed and open bridging loans

We have also helped homeowners obtain bridging finance to avoid repossession. Facing the repossession of your property can be a scary experience. This often occurs when you fail to make payments on a mortgage or loan. Bridging finance may provide a way for you to get the funds that you need to avoid repossession. However, when obtaining a bridging loan to avoid repossession, you need to ensure that you have enough equity remaining in the property to secure the loan.

Let us help you get capital raising bridging loans

The second-most common reason to apply for a bridging loan is to raise capital. You may not need funds to purchase a real estate property. You may require funds for business ventures, paying taxes, or funding some other project. People even use these loans to consolidate debt.

The assets that you used to secure your bridging loan and your plan for paying off the loan are the main two considerations that lenders look at when approving one of these loans.

Advantages of auction bridging loans

Nationwide and other lenders may not act quickly enough to provide financing for the purchase of auction properties. When you bid on a property and win, you often need to pay for the property immediately or risk letting the property go to another bidder.

You are required to pay a 10% deposit and sign a legally binding contract to pay the remaining amount within 28 days. Traditional mortgages do not provide a suitable option for these purchases, as it may take weeks longer to get your financing.

Another reason to consider using bridging finance for an auction property is that mortgage lenders may not always approve a loan for certain properties. If the property requires major refurbishment or is deemed unsuitable for a mortgage, you will likely get denied.

Luckily, we provide an alternative to these conventional mortgages from Nationwide and other mortgage lenders. At UK Property Finance, we can find an appropriate bridging loan option that is perfect for financing the purchase of an auction property or any other real estate project.

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