At Bridging Loan Hub, we are an FCA registered intermediary who will give personal attention to your application and help find the right lender for you. Whether you are looking for some finance to renovate an existing property or a larger sum to purchase and completely redo a new building, we can help find the best product to suit your needs.
Our process starts with making a simple enquiry on our secure website. You have the peace of mind that your email address and phone number will not be shared and only used by our internal team.
Step 1 – Understanding The Purpose Of Your Loan
Once you have contacted us, one of our dedicated advisors will call you immediately to find out more about the project your are looking to finance. Are you looking to do renovations, re-sell at a higher price or rent out through buy-to-let? The more information we receive can help us determine the best product for you and also the right lender. Depending on your circumstances, some lenders may be better suited to you than others and with our experience, we can identity this quickly. For instance, some applicants may be better candidates for bridging finance than others, whereas some customers may require development finance or a second charge loan.
Step 2 – Decision in Principle
A decision in principle is gesture of ‘agreeing to fund your loan’ provided that your information is consistent and that we can confirm all the checks relating to the property. In order to give you a decision in principle, we require the following details from you.
- your name
- details of your security
- description of your project
- purchase price
- amount required
- cost of build
- total loan required
- resale value
The questions encourage you to start putting your project and all the costings into place already. This means that you will need to have valued the property beforehand and put all the costs into consideration such as builders, furnitures, insurance, solicitors and more. By having a good idea of the amount you need to borrow and how long for, we can get closer to finding the right product for you.
Step 3: Application Form and Valuation
Borrowers will need to complete and sign an application form. We will require proof of identification, including recent utility bills to confirm your name and address. An official valuation of the property can then be carried out by one of our surveyors or we can receive proof of your valuation to confirm the estimated price of the property.
We continue the process by carrying out some basic checks. Some lenders will require credit checking to get an idea of how well you have paid other types of loans in the past and how much debt you have outstanding. This ties in with affordability checking to determine your income and how much you borrow without falling into financial difficulty. We also need to assess what you will be using as security. For instance, if you are trying to borrow against your primary residence, you will have to use a ‘status’ lender, however, if it is not your main living area, you may find better success with a ‘non-status lender’ that we work with.
Step 4 – Procurement
This means that we will put all the documentation together and get in ready for the lenders to fund. This makes the process a lot quicker for the customer so that it can be readily funded. We will typically provide you with an ‘offer letter’ and a legal pack and send this to your solicitors to review.
Step 5 – Solicitors
It is important to have a legal person to review the terms of your loan agreement and complete the final pieces. You may be accustomed to using a solicitor when completing and exchanging on a property, this is no different.
Step 6 – Funding
Once the legal documentation has been signed and confirmed, we can pass this to on our partnered lenders to complete on your loan application. As part of our commitment to Treating Customers Fairly, the products sold are designed to meet the needs of the consumer group and will take into consideration the fees charged, their individual criteria and the speed of which funds can be released. Our intention is help find the best loan product for you.