Sitting in south-west Ireland, Cork has a population of approximately 210,00 and is the second-largest city in the Republic of Ireland. With lively retail areas and a range of different companies based in the city, Cork is a hub of industry. Apple Inc has its European headquarters in Cork, and other notable names include Johnson & Johnson and Pfizer Inc.

For those businesses and individuals looking to invest in property in Cork, Novellus’ range of bridging loans in Cork can provide short-term funding solutions.

What Is A Bridging Loan?

A bridging loan is a form of short term finance that is generally used to bridge the gap while long term funding is secured.


For example, when purchasing a property that does not qualify for a traditional mortgage, a bridging loan allows time for the purchaser to renovate or complete the requirements that need doing to the property. Meaning long term finance can then be secured.  It is also a viable option when finance is required quickly.

Usually, bridging loans have terms up to 12 months, but as this is quite an expensive form of financing the length of the loan can be less if the borrower wants a shorter term or to pay back earlier.  Novellus does not charge any early repayment fees (save for the interest payable in the notification period). To be approved for a bridging loan (among other criteria) an asset must be provided by the borrower to act as security and a clear and achievable exit plan needs to be in place. 

What Can Bridging Loans Be Used For

There is a range of uses for bridging loans, including (but not limited to):

Auction Purchases –  To secure a property at auction, it is necessary to pay a  deposit immediately, with the remaining balance generally due within 4-5 weeks. Bridging loans provided by Novellus provide a quick turnaround, which enables purchases to be funded for auctioned properties.

Land purchases –  Securing finance through a bank to buy land with no existing buildings or services on it can be challenging. However, bridging loans can be used for land purchases, even if it has limited or no planning permission in place. A bridging loan provides time to establish planning permission and apply for long term funding via a bank or a development finance lender.

Refurbishment and renovation –  Buying a property that is currently un-habitable with funds from a high street bank are usually not possible. Bridging loans provide an opportunity to purchase a property that needs extensive refurbishment, allowing the purchaser time to secure long term funding or sell the newly renovated building.

Are Bridging Loans Suitable For Anyone?

Bridging loans are suitable for anyone seeking funding for property or land purchases in Cork, particularly for those who require short term, fast funding. To be considered the applicant must have a clear repayment plan in place, as well as a high-value asset to act as security.

If a property sale requires a quick decision, a bridging loan can be a suitable funding option. Bridging loans are also suitable for commercial property or for property investors working on large projects. One of the main benefits is that they allow investors to buy quickly,  providing them time to secure long term funding, without losing out on the perspective purchase. They are also an option when a property does not qualify initially for a traditional funding source.

Novellus offer unregulated bridging loans ranging from € 500,000 to € 5,000,000+ . Whilst most loans with Novellus are based on an LTV  50 – 70%, we will consider LTVs of up to 90% in specific circumstances.

To help discover the approximate costs involved with a bridging loan, use our online bridging loan calculator for guidance.

Can Anyone Apply For A Bridging Loan?

Anyone can apply for a bridging loan who has a high-value asset to act as collateral and an exit plan in place. We offer a stress-free application process, with no fixed criteria or credit committees involved. The best way to find out if you qualify is to simply call us today on +44 203 397 4871 or fill out one of our application forms.