Bridging Loan Rates
How are bridging loan rates set?
In an age when high street lenders have effectively turned off the tap when it comes to short term loans for business, small wonder that business owners are increasingly turning to smart ways of raising finance. A bridging loan is a short-term loan (typically for a term of between 1 and 12 months) borrowed against the value of property. It can be a simple and quick way for a business owner to obtain finance.
Because Balmoral is a privately funded lender, we are able to exercise wide discretion both in relation to the question of eligibility and the bridging loan rates. This bespoke approach means we tailor our rates to take into account the circumstances of the borrower and the level of risk behind the loan proposal. Our bridging loan rates start from 1.00 per cent per month on the first charge on a property and 1.25 per cent per month on second charges.
In working out the exact terms, we look closely at a number of factors. A bad credit history need not be a bar to eligibility but we will give proper consideration to your income and credit circumstances, the proposed purpose of the loan and the type, location and condition of the property itself. All of these affect the bridging loan rates we offer.
Here at Balmoral when setting bridging loan rates, we aim to offer a service that’s fair, effective and transparent.
Contact us firstname.lastname@example.org and one of our team will discuss your circumstances and provide you with a Director’s decision and quotation within a few hours.