How do bridging loans work?
The main difference between regular loans and a bridging loans is the time it take to organise the funding. It can take months for a regular lender to complete a deal, but bridging loans can be ready in as little as 72 hours.
Whether you take out open or closed bridging finance you may expect the following:-
Ascot is provided with a summary of the deal, reasons for wanting a bridging loan, the security available and a clear repayment strategy.
Ascot will request relevant documents and underwrite the deal
Ascot issues an offer letter stating the terms of the proposed finance and what is required to be done to obtain that finance
Ascot instructs a Surveyor to provide a valuation report and will send necessary documents to your solicitor
Solicitor explains the terms and conditions of the loan
You sign all the documentation
Funds are released to the solicitor for legal completion
The bridging loan monies are sent to you
We can provide fast access to funding with the minimum of formalities which can be used for a range of purposes whether that be for a property investment or to raise capital to aid cashflow.
Want more information?
To find out more, get in touch with our team today. You’ll be glad you did.