Lenders introduce express bridging loans

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One advantage of a bridging loan is that it can be completed quickly. According to an October 2016 article on MortgageSolutions.co.uk, some lenders have recently introduced express services that can complete the process from an application to completion in as little as two weeks.

If a bridging loan is for property, the lender requires documents and evidence about the property and proof that the borrower has a clear exit strategy of when and how the loan will be repaid. It can take a while for these documents to be sourced then checked.

For express loans, senior advisors and underwriters can oversee the process to make sure that the documentation is thoroughly and quickly checked. Title insurance is often used by the lender to cover the risk of defects in the title of the property.

Bridging loans are frequently used for the completion of the purchase of property whilst waiting for existing property to be sold. Loans can also be arranged to secure property bought at auction until more long-term finance has been arranged. Buy-to-let landlords often use bridging loans for auction purchases before arranging commercial mortgages.

Businesses can also apply for a bridging loan to cover cash flow issues, or purchase equipment and buildings.

Many express bridging loans are only available through brokers, who can also monitor the progress of the loan to make sure there are no issues with the application. A loan offer in principle can usually be made within hours and completed in a few weeks, or quicker with lenders who offer an express service.

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