Bridging Link Information
Address: 2nd Floor – Gadd House, Arcadia Avenue, London, N3 2JU
Countries they operate: England and Wales (not Scotland or Ireland)
Company no: 08932815 (Trading as Bridging Link Ltd)
FCA authorisation number: 652876
What Fees Do Bridging Link Charge?
In addition to the monthly interest charged at 1.25% to 2.5%, there are three fees that you need to be aware of when applying with Bridging Link:
- Arrangement fees – this is usually around 1% of the overall deal and is charged as a type of commitment fee early during the application process. This is a common for lenders who want to confirm the interest of the applicant and also cover any administration that they carry out during the early stages.
- Legal fees – any property agreement is bound to be reviewed by lawyers and also the documentation between Bridging Link and you will also need to be confirmed by your solicitor.
- Valuation fees – An RICS surveyor will typically provide a valuation of the secured property in the early stages of the application. This is important to asses the value and investment opportunity and whether it is viable for everyone involved to generate a positive return on investment. See other mortgage related fees here.
The fees mentioned above can be paid upfront or rolled up and added to the overall cost of the loan. This second option may be better for those with little cash at the moment but with plans of a big exit strategy to generate income. For applicants, it is essential to take these fees into consideration and how it may impact the overall cost of the project you are working on and the eventual return on investment.
What Types Of Loans Are Available?
Bridging Link can offer first charges on a main residential property provided that it is being used for business or investment purposes. However, they will not provide a first charge if the applicant is living in it. Furthermore, the firm do not accept customers that are looking to release equity from one existing property in order to purchase another residential property, also known as ‘breaking property chains.’
The principle lender can lend via a second or third charge on a Main Residential Property for any reason, subject to carrying out the necessary checks.
Their website states that they are willing to lend to those with a history of CCJs and bad credit and they will consider all circumstances when deciding who is eligible. In fact, you needn’t show a proof of income either as their main decision factor is the value of the security and its commercial potential.
How Does The Application Process Work With Bridging Link?
The application begins by contacting the company and you can do this by speaking to our team on 01277 508418 or by submitting your details in the form above. We have teamed up with Brightstar Financial and they have been working with Bridging Link for several years and know what type of applicants and deals that they are looking for. As a result, our dedicated advisors can answer any questions that you have and help package your loan so that it increases the chance of being funded. If you do not meet the criteria, we can also recommend other partner companies that we work with, who may be better suited for your requirements.
The next steps typically involve completing a document with your plans for the property and a credit exit strategy so the lender knows how they will be receiving their loan amount and interest. The lender will carry out a professional valuation of the property and further checks in-house. If they are happy with everyone thus far, you will be presented with further documentation and your solicitor will be able to check and approve them. Once this is all confirmed, the funds can be transferred to your chosen account in a number of days.
The funds can be distributed in one lump sum or stages to help you manage your finances during different parts of the project, whether it is purchasing the property or paying for contractors during the 12 month period.