Swing Loan
A Swing Loan is another term used for a Bridging Loan. It is a source of finance that can be arrange quickly and with flexible terms and as such is often used when finance is needed urgently and at short notice, or when bridging the gap between buying one property and the sale of an existing one or by developers when buying a property to prepare it for the letting market. The flexibility and speed at which they can be arranged make Swing Loans a popular source of short term finance
The facts about Swing Loans you need to know are:
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The maximum Loan-to-Value available on a first charge Swing Loan is usually 75-80%. For a second charge Swing Loan the total maximum LTV drops to 70%
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Interest is charged on a monthly basis but can be rolled up and paid off at the end of the Swing loan when the principle is being repaid
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Interest rates depend on the LTV and the nature of the property and the exit but are typically in the range of 0.75-1.5% per month (usually flat, not compounded) and as an independent broker we will search the market to get you the best current deal
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There will also be some set up fees of 1-2% plus legal and valuation fees
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Swing Loans are available for any period from 1 to 12 months though this can be extended if required
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Amounts from £5,000 to several million are available
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Non Status Swing Loans are also available
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Swing Loans are available for any legal purpose to individuals, partnerships or companies in England, Scotland Wales and even Northern Ireland.
At Choice Loans we have 10 years' experience in arranging finance for our customers and speak to all the major UK Swing Loan lenders. In addition we speak to several smaller niche Lenders and even have some private Lenders that lend exclusively through us. Loans can be from as little as £5,000 up to several million and can be arranged in as little as 72 hours if needed.
Complete the simple Application form and one of our Swing Loan finance experts will get in touch to process your requirements.
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.
Swing Loans and Swing loan deals at market leading rates.
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