Development Bridging Finance

March 11, 2023

robert stern

robert stern has been covering business and financial topics since 1997, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. Eric's writing regularly appears on badcreditloans03, ufu, zix, bank-paydayloan.com, www-mypaydayloan.com, and dozens of other outlets. A former software engineer, robert stern an M.B.A. from New York University and an M.S. in finance from howard university.

Bridging finance is a popular tool in property development and investment, helping to fill the gap between one property-related transaction and another. This can be an advantageous solution for securing an opportunity, handling an emergency, or funding light works until longer-term funding can be secured.

Bridging loans typically last 12-18 months and include additional fees such as valuation, arrangement and legal costs.

What is a bridging loan?

Bridging loans are a type of financial instrument designed to quickly raise capital. They’re frequently used by developers who are near the end of their development project but still need funding.

Bridging loans typically feature interest-only payments when the loan is repaid, though this can be expensive due to the rarity of projects with income before sales or refinancing of units.

Bridging loans come in two main varieties; open and closed. Open bridging loans lack a fixed repayment date and offer more flexibility, often referred to as unsecured bridging loans with higher interest rates than their closed counterparts.

What is the purpose of a bridging loan?

Bridging loans are short-term finance solutions which can help you bridge the gap between the sale of one property and the purchase of another. They’re an invaluable option for home buyers, sellers, or refinancers when speed is essential.

Bridging finance can be particularly helpful for developers who require to purchase and renovate properties before being eligible for senior debt facilities. This option may be especially necessary on uninhabitable sites that cannot be acquired with conventional mortgages, or when undertaking substantial renovations that cannot be finished within the timeframes provided by a traditional development package.

Bridging loans offer developers a speedy and convenient means of accessing funding for development projects in the fast-paced property market. This speedy flexibility is invaluable, enabling them to seize opportunities they might otherwise miss.

How does a bridging loan work?

Bridging loans are short-term financial tools that can be used for property development or buy-to-let projects. They offer an alternative to longer-term solutions like mortgages and ISAs.

Property developers can utilize bridging finance for a variety of property projects, such as the purchase of an undeveloped site that requires planning permission or investing in a new build or conversion. It may even be used to refinance an already completed development while its sale process is underway.

Bridging finance typically has higher interest rates than other forms of lending, but this is usually offset by its speed and versatility. It enables developers to act quickly and find solutions when traditional development finance may not provide a suitable solution.

Bridging loans are popular among home buyers, buy-to-let landlords and developers as they look to move house or remortgage their current property. There are two primary types of bridging loan: closed bridge and open bridge.

How can I get a bridging loan?

Development bridging finance is quick and flexible, providing people with a way to address short-term cash flow problems or take advantage of opportunities. It can be used for rectifying delays in purchasing property or taking advantage of discounted investment opportunities that mainstream lenders won’t approve.

Development finance can also be used for commercial property or land reclamation projects that lack planning permission. Unfortunately, this type of development is often not favored by mainstream lenders due to the potential risks involved.

Development bridging finance can be found from a range of lenders, from large banks to specialist lenders. Some are regulated while others are unregulated, so it’s essential that you select the right one for your needs.

Bridging loans typically have a maximum term of 12 months, though borrowers are free to pay it off early if they gain access to additional financing. Fees can differ significantly between lenders, so it’s essential that all fees be taken into account prior to selecting one for you.

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