Bridging Loans for Construction
In the realm of construction and development, time is of the essence, and any project delays due to inadequate funds can incur substantial costs. For builders, the ability to seamlessly proceed with projects without interruption is a coveted aspiration, one that can be realized through bridging loans tailored for new construction endeavors.
A construction bridging loan is a lifeline for builders, developers, and property owners embarking on initial construction phases, offering vital funds to ensure project completion. This short-term financial solution proves invaluable for property developers seeking to sustain project momentum. Notably, construction bridging loans are exclusively geared towards covering construction expenses, with the loan amount determined by project costs rather than the property’s final value upon project culmination.
Benefits of Bridging Loans for Construction and Development Projects
Why Work With Us?
PropertyFinanaceCompare.com is a team of professional brokers, not lenders. We become a bridge between borrowers and lenders to enter into different types of loan agreements, including both secured and unsecured loan agreements.
Reliable property development loan comparisons that you can trust. It is always nice to know that our clients are on the right track. What makes us different
What makes us stand out from our competitors?
What is property finance compared for?
What are the benefits of working with us?
What’s difference b/w a lender and a broker?
Is bridging finance for you?
Bridging loans are a cost-effective financing method that quickly arranges funding for you according to your situation. Our professional brokers also advise you regarding the properties, giving better insights.
How to compare bridging loans?
- Evaluate how much you need and how much time you require to repay the loan.
- Compare available options
- Fill out a bridging loan application with your information and financial details. The lender will then review whether you can afford the loan. If you can, they will arrange the finance.
What is a bridging loan for house dues?
Interest isn’t the only cost of a bridging loan. Bridge finance costs can include several types of other fees. Those are:
- Facility fee: What you pay for setting up the bridge loan. It’s usually around 1 to 2% of the loan.
- Exit fees: This is usually around 1% of the bridge loan if you pay it back early.
- Administration fees: This is what you pay for the official procedure to be completed at the end of your bridging finance.
- Legal fees: This pays the lender’s legal fees.
- Valuation fees: This pays for the surveyor to value your property.
- Broker fees: If you use a broker, this pays for their work in looking at bridging loans for choosing the best bridge loans for you.
There might be other fees too, so bear this in mind before you decide if bridging finance is right for you.
How to choose the bridging loan?
- How much do you want to borrow?
- How much is your property worth?
- How long do you need to borrow?
- Whether you have a mortgage on your property
What is included in comparison tables?
Bridging loan comparison tables include providers we are commercially working with. With its help of it, our clients can easily choose the best bridging loan for them.