Second Charge Bridging Loans
If you already have a mortgage on your property but need further funds in the short term for property improvement, expansion or an unrelated project then a Second Charge Bridging Loan may be available to you depending on much borrowing you already have in the property. here are some key facts:
-
With a Second Charge Bridging Loan you can increase the total borrowing on your property up to a maximum LTV of 70%
-
Like all Bridging Loans they are intended for short term finance of between 1 and 12 months. For anything longer you should look at a Secured Loan
-
As it's a Second Charge Bridging Loan, the rates will be slightly higher than if it were a First Charge Bridging Loan but rest assured that our Brokers will shop around to get you the best rate
-
Loans are available from £15,000 to £10m
-
There will be Arrangement fees of 1-2% and there may also be Legal and Valuation fees to pay. This is standard across the industry
-
Depending on the Lender there may also be an Exit fee but we will happily advise you on this and ensure that you get the overall best deal
-
Second Charge Bridging Loans are available on Residential or Commercial properties in England, Scotland and Wales
-
At the end of the Bridging Loan period we can also help you convert it into a mortgage or commercial mortgage
At Choice Loans we can help you find the best Lender for your circumstances as we speak not just to all the major High street lenders but also some smaller private Lenders including some that make finance available exclusively to us. Our team of Bridging Loan specialists have many years' experience in the market and we also work with a Commercial finance team that can advise you on other issues related to your financing.
To get in touch and discuss your Second Charge Bridging Loan, just complete the form opposite and get a call back from one of our team or call us on 0845 1260350
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Second Charge Bridging Loans
|
