How a bridging loan works

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How a bridging loan works

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Contact us now to arrange a bridging loan consulation and quotation



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Many of our clients ask us how a bridging loan works and want to know if it is the right option for them.

What is a bridging loan?

A bridging loan is typically a short term loan, it’s designed as a temporary fix to get you from one place to another, hence the term “bridge”.

Your bridging loan can be used for a variety of circumstances but the common factor is the temporary, short term nature of the loan requirement and that there would normally be a defined exit plan.

Why use bridging finance rather than a mortgage?

There are a number of background reasons to use bridging finance rather than a normal term mortgage but the most common factor is speed.  A bridging loan can be arranged and drawn down in a matter of days.  This can help in circumstances such as;

Bridging finance can also be used to fund the purchase of property which is deemed “unsuitable for mortgage lending” – perhaps in need of conversion or refurbishment.

At acorn.finance we are also expert in the use of bridging loans to fund the purchase of businesses, especially pubs, where the trading accounts are not available for a commercial mortgage lender to accept.

Where is the exit?

The exit from the bridging loan is almost as important as the interest rate and the fees. If the exit is not realistic then the loan might not be repaid on time with the potential for penalty fees or even to lose the property.

What if there’s no exit?

It’s possible in some situations to arrange an “open” bridge, talk to one of our experts as soon as you can to see if this is a viable option for your circumstances.

What about interest rates?

The short term nature of the bridge means that the interest rates are typically higher than longer term mortgages.

Rates can be as low as 0.45% per month for a low loan to value bridge but clients should expect to pay more than that in most circumstances, typically between 0.75% and 1.25%.

The interest is often rolled into the loan and deducted or added on, this means there will be no repayments to worry about – especially helpful with a “flip” property which will not be producing rent.
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