What Central Bridging Can Offer
Central Bridging are specialists in non-regulated business use short-term finance. They aim to provide an industry leading service standard by engaging with both professional introducers and their customers on a deeper, more personal level. By taking time to fully assess and quickly understand each client they can then offer indicative terms in a matter of hours. Crucially in well over nine out of ten cases these indicative terms are the terms upon which the deal then completes and in an average of just seven days for first charge residential loans between £250K to £10M. The maximum LTV for firsts is 75% of OMV.
Second charge loans on residential security which, by definition, rank behind a pre-existing first charge are slightly more complex to complete but Central’s huge experience in second charge lending means they can usually be processed from first application to completion in only one or two days more than a first charge loan. As you would expect the amount you can borrow for a second charge loan is below that of a first but still ranges from £250K right up to £2.5M with the maximum LTV only slightly lower at 70% of OMV.
Other products available from Central Bridging include commercial bridging loans taking a wide variety of commercial property types as security and in instances where there is insufficient equity in any property to support a loan they can also complete ‘Private Equity Loans.’ These are loans where share options the client holds in limited companies can be utilised as the principle source of security.
What is the Criteria?
Borrowers can range from 18 to 70 years of age (with potentially no upper limit if exit is based upon sale of the security property) and Central Bridging are able to offer loans for a wide variety of business purposes provided there is a strong redemption plan in place.
Whilst some providers may not be able to lend to those who are self-employed, this is something that Central Bridging can easily accommodate. Whether a client is employed or self-employed Central will look carefully at the purpose for taking out a loan, their ability to repay and if both make sense they are prepared to fund loans that can increase clients liquidity, protect their wealth, resolve pressing problems and in many cases open up exciting new business opportunities
The company website underlines the fact that Central will consider customers with both arrears and adverse credit ratings. Whilst some lenders will shy away from clients with arrears or historic credit problems, Central are always willing to review each customer on a case-by-case basis. Whilst Central secure against property they very much lend to individual customers looking at their future plans and not focusing on mistakes they have made in the past.
As well as customers with adverse credit issues Central are also able to assist those looking to re-bridge an existing short-term loan. There are a variety of reasons why bridging loans are not always redeemed on time or as planned, for example developments that are not completed on schedule or properties that fail to sell as quickly as anticipated. Provided Central are convinced the reasons for delay are genuine and that any future loan can be repaid on time they are happy to consider re-financing an existing bridge sometimes, though not always, at a slightly higher rate than the original loan was at.
How Does Repayment Work?
Central’s short-term loan rates start at 0.85% per month for first charge loans and a competitive 0.99% per month for second charge loans. Interest cannot be paid monthly and is instead built into the loan. For all loans a minimum of 3 months interest is charged. Aside from loans that are redeemed inside the first three months no other early redemption penalties are applied.
Provided they are happy with the indicative terms offered customers are asked to pay a valuation fee and a payment on account towards legal costs. All third party fees are charged “at cost” and as soon as monies are received work will commence to progress the loan to completion in the fastest possible time-frame.
You can borrow for a time period ranging from 3 months to 24 months on first charges and from 3 months to 18 months for second charges.
How To Apply With Central Bridging
If you are interested in a quote from Central Bridging, you can simply call us today on 01277 508418 or get in touch using the quote form above. We do not charge any fees for simply requesting a quote. We are a licensed credit broker by the FCA and are here to help you get the most effective finance for your property or business project.
The process typically starts with asking you a few questions about yourself and your business opportunity. Central Bridging are available to provide you with a decision in principle, including the amount you can borrow and the rates within hours of applying.
Central Bridging Company Information
Address: Granary Wharf, Wharf Road, Burton on Trent, Staffordshire, DE14 1DU
Countries they operate: England and Wales.
Member of: NACFB and ASTL (Executive Board Members of the ASTL)
Company no: 07728274