In this article
Bridging loans are a convenient way to quickly access funds, especially when you’re in a hurry.
Whether you’re aiming to snap up a property quickly or need a temporary financial boost, understanding how long it takes to secure a bridging loan is crucial.
How Long Does Bridging Finance Take
Explained in under 30 seconds
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Typical Time Frames
One of the main advantages of bridging loans is their speed compared to traditional mortgages.
Generally, the process can take anywhere from a few days to a few weeks, with most people finding it takes between 1 to 3 weeks to complete.
What Can Affect the Timeline?
Lender Efficiency
How quickly your loan gets processed can depend a lot on the lender. Some specialise in fast bridging finance, offering smooth and quick approvals.
Borrower Preparedness
Being ready with all the necessary documents, like proof of income and property details, can make a big difference. It also helps to have a clear plan for repaying the loan, known as an exit strategy.
Legal and Valuation Steps
The legal and property valuation stages are important parts of the process. While they are usually quick, they can take a bit longer if there are any complications.
Type and Complexity of the Loan
Loans for more complex situations, like commercial properties, might take longer. On the other hand, straightforward residential bridging loans are often quicker.
4 Steps to Getting a Bridging Loan
- Initial Enquiry and Application – Start by chatting with a bridging loan provider about your needs. After an initial assessment, you can move forward with a formal application.
- Valuation and Underwriting – The lender will set up a valuation of the property and review your application, checking the risks and confirming your exit strategy.
- Legal Work and Documentation – After the valuation, the legal paperwork gets prepared. You’ll need to sign these documents to agree on the loan terms.
- Funds Release – Once everything’s in order, the funds are usually released within 24 to 48 hours.
Tips to Speed Up the Process
- Pick the Right Lender – Choose a lender known for quick processing times.
- Have Your Documents Ready – Ensure you have all necessary documents prepared, including your exit strategy.
- Work with Experienced Professionals – Use experienced solicitors and valuers who understand the need for speed with bridging loans.
- Keep in Touch – Stay in regular communication with everyone involved and quickly respond to any requests.
- Use Technology – Opting for bridging lenders that offer online applications and digital signatures to make things go faster.
The Value of Bridging Loan Advice
The process of getting a bridging loan can seem daunting, especially when time is of the essence. That’s where expert advice can make a huge difference.
Our experienced mortgage advisors can help you find the right lender, prepare a strong application, and ensure that everything moves smoothly and quickly.
We offer free, no-obligation appointments to discuss your needs and help you navigate the process. Our friendly and professional team is here to support you every step of the way, helping you achieve your financial goals swiftly and efficiently.
Reach out to us today to start your journey with a bridging loan.
