First & second charge bridging loans
For example, they can be used to bridge breaks in property sales chains, to refurbish a property into a habitable and mortgageable condition or can be used to give time for a tenant to be found for a commercial investment property or until planning consent is obtained for redevelopment.
A number of companies have products that can be converted from a bridging loan to term loan when, for example, refurbishments have been satisfactorily completed or a commercial tenant is in place generating income.
Loans can also be arranged when a development project is reaches near or actual practical completion to release funds ahead of sales, often used so the developer can move onto the next project.
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The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages and some forms of bridging loan.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.