Your bridging loan – the complete process

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If you need to purchase property or to fund renovations, a bridging loan offers a quick and flexible solution. There are a number of stages that start with a loan enquiry and finish with the funds becoming available.


The first part of the bridging loan process is to call Ascot Mortgages to discuss your loan requirements. We will then find the best lender for your application, and a decision in principle on the loan can usually be given within 24 hours.

Closed or open?

You will need to decide whether you want a close or open bridging loan. A closed bridging loan has a fixed repayment date. An open loan does not, but is still a short-term loan, and the longer the loan lasts, the more interest is paid.

A closed bridging loan will generally be cheaper than an open one, but there are penalties if repayment is not made on time.

Your choice of open or closed bridging finance should be made before the application form is filled in.

The application

The next stage is to fill in an application form and provide the relevant documentation. On the form, you will need to provide your contact details, your salary, the purpose of the loan and the amount you wish to borrow.

The lender will also require additional documentation such as identity documents and proof of earnings.

As part of the application process, you need to provide the lender with an exit strategy too. This is when and how you are going to repay the loan. If you are applying for an open bridging loan, you need not provide an exact repayment date. Usually, an open bridging loan needs to be repaid within three years and you will need to assure the lender that it can be repaid within that time.

The valuation

The property that you are purchasing or developing will usually act as security for the loan. A valuer will visit the property to prepare a valuation report.

Offer letter

Provided that the application form checks out and the valuation report is in order, a formal offer letter will be sent out.


There will be legal work required for the bridging loan. Solicitors are normally instructed after the offer letter has been received.


Once all documents have been approved and the legal work completed, the bridging loan funds will be made available.

How long does this process take?

The whole process from the initial enquiry to completion can be done very quickly. For straightforward loans where there is the minimum of legal work required, it can be accomplished in as little as 48 hours.

Who can apply?

Individuals, partnerships and limited companies can apply for a bridging loan. Companies can apply for non-property related bridging loans such as one to cover temporary decrease in cash flow and stock purchases.

Take the first step

To get on your way to securing a suitable bridging loan, contact Ascot Mortgages to discuss your loan requirements and bridging options.

Contact Us

*Privacy Notice - Any information provided will be treated with confidentiality and will only be accessible within Ascot Mortgages