Time sensitive deals need funds provided by a lender who can be relied on for a speedy service.
Bridging loans are flexible short-period loans. They are often required for time sensitive property deals where delays could cause the deal to fall through. Although bridging loans can be quick to arrange, they could take up to 50 days for funds to be available.
Bridging finance is a competitive market. Most lenders compete on price by offering low interest rates of around 0.93% a month. Some lenders, rather than offer the lowest interest rates, prefer to compete by offering a better service.
One way in which a lender can stand out is by offering speedy loans. Some lenders will offer a fast track 15-day service, while others can offer an extremely fast service for time sensitive deals. In some cases, it is possible for a bridging loan to be arranged within 48 hours.
If a lender offers a quick service, they need to be relied upon to provide this. Not all lenders who promise a loan within a set number of days fulfil their promise, which is why it is important to find a reliable lender.
A good bridging finance broker will have knowledge of lenders who have the necessary experience and skills to keep to promised deadlines. They will also know of lenders who use solicitors with a good knowledge of bridging loans, who can complete the necessary legal work for a loan as quickly as possible.