Select Type

StandardRefurb2nd Charge

Required term

1 Month2 Months3 Months4 Months5 Months6 Months7 Months8 Months9 Months10 Months11 Months12 Months13 Months14 Months15 Months16 Months17 Months18 Months19 Months20 Months21 Months22 Months23 Months24 Months

The amount of months you require the loan for.

Number of Security Properties *

1 Property2 Properties3 Properties4 Properties5 Properties

This is the number of properties that you will be using as security for the loan i.e. if you are looking to buy a new property prior to your current property selling it may be more beneficial to put the charge for the bridging loan across both properties to get the best possible rate. The lower the LTV or loan size against the value of the security, the better the rate.

Valuation of Security Property 1 *

£

This is the market value of the property that you would be securing the bridging loan on.

Total Valuation

£

Net/actual loan amount required *

£

The net bridging loan amount that you require not including any fees or rolled payments ups etc.

Broker fee

£

Total initial loan

£

Lender fee (standard is 2%)

£

Assessment fee (standard is £295)

£

This is the amount the lender adds onto the loan to check the case.

Telegraphic transfer (standard is £35)

£

Fee charged by the lender for transferring the funds to your solicitors bank account prior to completion.

Total Loan

£

Any remaining current borrowing
(for second charges only)

£

If you have a mortgage which you wish to keep and as such you are looking for a second charge on the property we need to know the amount of the outstanding mortgage balance as this will determine the LTV.

Calculator Results

• • Months	Monthly Interest Generates	Total Accumulated Loan	Average Monthly Interest
    Month 1	£0.00	£0.00	£0.00
    Month 2	£0.00	£0.00	£0.00
    Month 3	£0.00	£0.00	£0.00
    Month 4	£0.00	£0.00	£0.00
    Month 5	£0.00	£0.00	£0.00
    Month 6	£0.00	£0.00	£0.00
    Month 7	£0.00	£0.00	£0.00
    Month 8	£0.00	£0.00	£0.00
    Month 9	£0.00	£0.00	£0.00
    Month 10	£0.00	£0.00	£0.00
    Month 11	£0.00	£0.00	£0.00
    Month 12	£0.00	£0.00	£0.00
    Month 13	£0.00	£0.00	£0.00
    Month 14	£0.00	£0.00	£0.00
    Month 15	£0.00	£0.00	£0.00
    Month 15	£0.00	£0.00	£0.00
    Month 17	£0.00	£0.00	£0.00
    Month 18	£0.00	£0.00	£0.00
    Month 19	£0.00	£0.00	£0.00
    Month 20	£0.00	£0.00	£0.00
    Month 21	£0.00	£0.00	£0.00
    Month 22	£0.00	£0.00	£0.00
    Month 23	£0.00	£0.00	£0.00
    Month 24	£0.00	£0.00	£0.00

Months	Monthly interest generated	Total accumulated loan	Average monthly interest
24	0.00	0.00	0.00

Initial LTV

%

Final LTV

%

Interest rate chargeable

%

Total interest charged over the required term

£

Any remaining current borrowing
(for second charges only)

£

Total to payback at end of required term

£

Other Fees

Estimated Valuation Fee

Security Property 1 Valuation Fee

£

Security Property 2 Valuation Fee

£

Security Property 3 Valuation Fee

£

Security Property 4 Valuation Fee

£

Security Property 5 Valuation Fee

£

Total Estimated Valuation Fee

£

Estimated Legal Fees

SeparateDual

Dual Legal fees(incl VAT)(add £100 only)

£

2nd property
(add £100 only)

3nd property
(add £100 only)

4nd property
(add £100 only)

5nd property
(add £100 only)

Total Estimated Legal Fees
(£100 added for each additional property)

£

***** Rates quoted are subject to status
***** Early repayment charges may apply on certain products
***** Prices quoted on these sheets are not liable for VAT

If you are struggling to obtain a quote or would like to discuss your quote, please get in touch or call us on 0116 402 7982

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Calculations Select Type Required term Number of security properties Valuation of Security Property 1 Valuation of Security Property 2 Valuation of Security Property 3 Valuation of Security Property 4 Valuation of Security Property 5 Total Valuation Net/actual loan amount required Broker fee Total initial loan Lender fee (standard is 2%) Assessment fee (standard is £295) Telegraphic transfer (standard is £35) Total Loan Any remaining current borrowing (for second charges only) Calculator Results Initial LTV Final LTV Interest rate chargeable Average Monthly Interest

Total interest charged over the required term Any remaining current borrowing (for second charges only) Total to payback at end of required term

Other Fees

Estimated Valuation Fee Security Property 1 Valuation Fee Security Property 2 Valuation Fee Security Property 3 Valuation Fee Security Property 4 Valuation Fee Security Property 5 Valuation Fee Total Estimated Valuation Fee

Estimated Legal Fees Dual Legal fees(incl VAT) 2nd property (add £100 only) 3nd property (add £100 only) 4nd property (add £100 only) 5nd property (add £100 only) Total Estimated Legal Fees(£100 added for each additional property)

If you are struggling to obtain a quote or would like to discuss your quote, please get in touch or call us on 0116 464 5544 In bridging finance, monthly payments are not normally required unless requested. Instead the borrower receives the net loan amount and on repayment of that loan also repays any interest generated whilst the loan was outstanding.

***** Rates quoted are subject to status ****** Early repayment charges may apply on certain products **** Prices quoted on these sheets are not liable for VAT

Low Rates 0.39%

The table below provides examples of what the bridging loan repayments would be on an example loan amount of £100,000 which is a popular amount for bridging finance. Alternatively use the bridging loans calculator above for a rough calculation of your loan. For an accurate quotation with a breakdown of costs please speak to one of our experienced advisors so they can inform you of the rate of interest and any other questions you have.

The reasons for bridging finance have increased over recent years. Traditionally bridging loans were used to bridge the gap between purchasing a property before the sale of an existing property. This is still the main purpose, however, there are now a number of reasons as to why short term bridging finance is beneficial.

Lenders often have minimum terms of one month but some bridging loans can be used for as little as one day, enabling you to complete the simultaneous purchase and sale of properties over a period of a few days.

Bridging loan rates are mainly based on the loan to value. The rates differ with all lenders. Our experienced brokers will help you to find the lowest cost option based on the security on offer, the loan amount required, whether the loan is a first or second charge etc. Use our bridging finance calculator to work out your costs!

What is a Bridging Loan?

A Bridging Loan could be described as relatively short term “interest only” loans, usually set up for a maximum term of 12 months in length and normally do not require monthly payments. There are no exit penalties if repaid within the agreed term.

Interest rates are normally only liable for the amount of time that the finance is used. When a loan is arranged for 12 months but repaid after 3 months and 6 days, interest is usually charged and repaid on the loan for the 3 month and 6 day period and not for the full 12 months.

The reason that applicants are refused traditional finance or where traditional finance is not suitable are varied and the most common bridging loan examples would be:

• because the applicant is older than the new acceptable age limits for mortgages
• the applicant may be asset rich but cash poor i.e. not enough income proof to pass the required affordability calculations needed to obtain a mortgage
• the applicant may have poor credit which is not acceptable for mortgage finance
• the property may be classed as not standard security for a mortgage i.e. the property could be without a kitchen or bathroom or generally in need of much modernisation making it not habitable. In which case an incomplete property loan is the ideal choice for you.
• the seller may only accept offers from buyers who are chain free such as cash buyers or buyers with bridging finance
• the finance could be required for a development opportunity
• it may be that the finance is needed for additional borrowing such as a 2nd charge
• the funds may be needed urgently or for a specific requirement which are not allowable in the world of mortgage finance, such as borrowing for an urgent business need
• the money may be just for a flexible or short term requirement
• the borrower wants minimal fuss
• the borrower wants to purchase a new property but the deposit is not yet liquid and tied up in another property yet to be sold

Who Would Qualify?

• clients who can or cannot prove income
• clients with an excellent or impaired credit rating
• clients who are employed, self-employed or not employed
• companies or individuals
• anyone with equity in their property or an available cash deposit