An Alternative to Post Office Bridging Loans Offers Faster Approval
Compare rates through UK Property Finance to get quick approval for your loan.
Post Office bridging loans are commonly used to fund property transactions while you are waiting for other financing options. You may use these loans to purchase a property while waiting to sell your existing property or waiting to obtain a conventional mortgage. However, the Post Office loans may not provide the fastest solution.
We help you get your funds quicker by providing a streamlined application process. At UK Property Finance, we find the best products to match your situation, allowing you to compare rates and select the best offer.
When a property is incomplete, damaged, or in poor condition, you may have difficulty getting a conventional mortgage from the Post Office or other lenders. Lenders consider these properties a risk, whether you are purchasing the property as an investment or as your primary residence.
At UK Property Finance, we can help you secure an incomplete property loan. We find the best rates and offer fast approval, ensuring that you can complete your property renovations.
You may not need to prove income or have good credit to obtain your loan. We work with flexible lenders to help you secure your bridging loan based on your assets and your plans for repaying the loan. The most common exit strategies for these loans include refinancing and the sale of the property.
Refinancing is a suitable option if you plan to retain the property, either as your primary residence or a rental property. After completing your renovations, you may seek a conventional long-term loan with lower interest rates.
For example, we had a client who purchased an incomplete home without a bathroom or kitchen. He was turned down for a mortgage from his bank, so we helped arrange a bridging loan to cover the renovations. After the renovations were complete, the property qualified for a conventional mortgage, allowing the client to pay off the bridging loan.
Another option is to sell the property to pay off the bridging loan and earn money from your refurbished property. This is a great way for real estate investors to cover their financing during renovation projects when the renovations are too great to obtain a conventional loan through the Post Office or other lenders.
As mentioned, Post Office loans may take too long to fit your renovation plans. You may not have the time to wait for a conventional loan. You may also get denied based on the condition of the property that you plan to refurbish.
Besides the ability to finance your property renovations, we offer several important benefits to our clients:
These are just a few reasons to consider getting a bridging loan to cover property refurbishment. Compared to conventional loans from the Post Office and other lenders, you are less likely to get denied, as long as you have equity to secure the loan.
The next step is to contact us to begin searching for suitable bridging loan products. Talk to one of our loan specialists today, or use our bridging loan calculator to estimate the cost of the loan.