Over the past few years it has been possible to raise hefty short term loans which would be secured by nearly all types of property.
This has been possible by the emerging use of a bridging loans, more often than not these would be very short term and always linked to a property. The amount of the loan would be always be calculated buy the amount you are borrrowing against the value of the property thus conforming to the standard description of LTV. The valuation of your property will be carried out by an independant surveyor. Bridging loans can be completed in just a few days and the term of this loan may be a short as a week. The term of a bridging loan would generally not last for longer than 1 year.
With the credit crunch looking like its here to stay for the foreseeable future is it still possible to borrow a great deal of money using bridging finance?
I think you would be hard pushed to find a lender these days to lend you more than a million quid. If you do find a lender like this you will probably find just as in mortgages that they do not lend these values unless your LTV is near 50 percent. Now you must also provide an exit stratergy from the loan that needs to be water tight and the lender must be saticfied that you can exit using the means provided. The main reason for this is property fluctuation prices.
So finally the answer to the question "Are Large Bridging Loans Still Available?"
Yes they are but they are not what they once were, bridging loans on property in the current credit crunch with the aid of a good bridging loan broker will certainly be doable if you have the required equity and exit stratergy. How much longer they will be around for really does depend on if the current financial crisis's cup is half full or half empty,
This has been possible by the emerging use of a bridging loans, more often than not these would be very short term and always linked to a property. The amount of the loan would be always be calculated buy the amount you are borrrowing against the value of the property thus conforming to the standard description of LTV. The valuation of your property will be carried out by an independant surveyor. Bridging loans can be completed in just a few days and the term of this loan may be a short as a week. The term of a bridging loan would generally not last for longer than 1 year.
With the credit crunch looking like its here to stay for the foreseeable future is it still possible to borrow a great deal of money using bridging finance?
I think you would be hard pushed to find a lender these days to lend you more than a million quid. If you do find a lender like this you will probably find just as in mortgages that they do not lend these values unless your LTV is near 50 percent. Now you must also provide an exit stratergy from the loan that needs to be water tight and the lender must be saticfied that you can exit using the means provided. The main reason for this is property fluctuation prices.
So finally the answer to the question "Are Large Bridging Loans Still Available?"
Yes they are but they are not what they once were, bridging loans on property in the current credit crunch with the aid of a good bridging loan broker will certainly be doable if you have the required equity and exit stratergy. How much longer they will be around for really does depend on if the current financial crisis's cup is half full or half empty,
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