Lying on the lower slopes of the North Downs, the town of Sutton was first recorded in the Domesday Book of 1086 as a village with two churches and 30 houses. Its good transport links between London and the south coast have helped it develop into a thriving town with a population of approximately 200,000. With a low crime rate and plenty of green spaces, it is a desirable area to live, which has led to it becoming an attractive location to purchase property or development land.
With a growing population, development in Sutton and demand for property has risen. Novellus’ range of bridging loan solutions can help businesses and individuals in Sutton who are seeking funding for commercial property development projects.
Source: Wikimedia Commons (Photo by A P Monblat)
What Is A Bridging Loan?
A bridging loan provides short-term finance while long-term funding is being acquired. It is often used to bridge the gap between a quick purchase decision and securing a traditional mortgage. A bridging loan is lent against an asset owned by the borrower, such as property, and the application process is usually very quick, giving access to the cash often within two to four weeks.
Bridging loans are typically taken out for periods ranging from several weeks to 12 months but can be paid back in full at any time during the loan period without incurring additional fees.
What Can Bridging Loans Be Used For
Auction Purchases – Good investment properties can be found at auction but, unlike other methods of purchasing property, a deposit is required immediately, with the balance due within 4 weeks. Bridging loans are approved usually within two weeks, allowing investors access to funding quickly. This makes them an ideal interim funding method for buying at auction.
Property Investment and Development – As Sutton grows and develops, more investors are looking for opportunities within the area. However, as Sutton is a highly sought after area, potential development areas are usually bought up quickly. Bridging loans provide a fast solution for property developers looking to invest in Sutton.
Buy-to-let –Sutton rental property is in demand, due to its proximity to London and the South coast, which has led to growth in popularity of buy-to-let property investment. Bridging loans provide a quick funding option for buy-to-let opportunities while long-term finance is being sought.
Who Are Bridging Loans Suitable For?
Bridging loans are an option for anybody looking to invest in property in the Sutton area, particularly if you are looking for fast funding while securing long term finance. As long as a high value asset, such as property, is available to act as security for the loan, the application will be considered favourably. If the property is not currently habitable and therefore does not qualify for a mortgage, a bridging loan allows the work to be carried out to make it habitable.
Bridging loans are also suitable for (and by no means limited to) commercial property developers working on multi-million-pound projects, or for purchases that require a quick decision.
Novellus offer unregulated bridging loans, ranging from £500,000 to £5,000,000+. While we prefer the loan to be based on an LTV of 50 – 70%, we will consider an LTV 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.
Who Can Apply For A Bridging Loan
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 0203 397 4871 or fill out one of our application forms.
The town of Beckenham has a history dating back to the days of the Roman Empire. Today it has a population of approximately 56,000 people, and an increased focus on new property developments as well as the renovation of period homes. Simply put, the leafy suburb of Beckenham is experiencing a lot of growth.
Novellus Bridging are here to help businesses and individuals in Beckenham interested in acquiring existing properties or funding a commercial property development project, using a bridging loan finance model.
What Is A Bridging Loan?
A bridging loan is a form of short-term finance that could, for example, allow you to purchase a property short notice. A bridging loan would be secured against an asset by the lender, the application process is usually a quick one, giving you almost immediate access to the cash you need.
Bridging loans are typically taken out for periods ranging from several weeks to 12 months.
There are two different types of bridging loans:
Closed-bridge – These loans are provided on the understanding that they will be repaid on a specific date, typically when the borrower sells an asset.
Open-bridge – Although this type of bridging loan has no fixed date for repayment attached to it, there is usually a requirement for the loan to be repaid within 6 – 12 months of the date of issue.
Who Are Bridging Loans Suitable For?
Many borrowers are property speculators who are making their first purchase at auction and need access to temporary funding to pay for it. Bridging loans are also suitable for (and by no means limited to) commercial property developers working on multi-million-pound projects.
A common theme for bridging loans is for people and businesses that require access to temporary funding, that can be provided quickly and without the levels of bureaucracy found in most banks and high-street financial institutions.
Novellus offer unregulated bridging loans, ranging from £500,000 to £5,000,000+. While we prefer the loan to be based on an LTV of 50 – 70%, we will consider an LTV of up to 90% in specific circumstances.
As we have no credit committee this means we can reach a decision on your application quicker than most of our competitors
You can use our online bridging loan calculator to get an estimate on what costs are involved with your financial requirements.
Who Can Apply For A Bridging Loan
We offer a pain-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: 0203-3974871 or fill out one of our application forms.
