Many people find Sussex to be an idyllic location, packed with many historical spots and attractive new developments. The quaint English county is especially famous for its great nightlife, music festivals, fashionable individuals, artistic talents and many other creative interests. As such, it has been enticing new buyers and families into settling down in this place by investing in some of the finest real estates in the UK.
The Sussex housing market provides a variety of properties for sale. Whether you’re a property developer or a home buyer – Sussex is drawing attention from investors across the country. With property prices holding strong since the beginning of the year, bridging loans are a popular option for financing a property purchase in Sussex.
What Is A Bridging Loan?
Bridging loans are short-term finance products. When you work with a reputable lender, you get the peace of mind that your bridging loan application will be straightforward and hassle-free. Professional advice can help to sort out some of the potential problems and structure the bridging loan correctly.
To secure bridging financing, the borrower must provide an asset, such as property that can act as security. In exchange, you can negotiate a shorter repayment term of between 6-12 months. A clear exit plan in place, such as refinancing or selling the asset, increases your chances of securing a bridging loan.
What Can You Use Bridging Loans For?
Bridging loans can help you in a number of situations when you need fast access to finances for:
Commercial Purchases – you can skip the lengthy application for a loan for commercial purchases if you want to close fast on a deal. Bridging loans provide financing quickly, thus allowing you to secure purchases ahead of other buyers.
Buy-to-let –The demand for rental properties in Sussex is growing. If you want to buy a property in Sussex as an investment opportunity, you can use a bridging loan to secure the purchase of a property, which then allows time to secure long-term funds.
Property Refurbishment– Sussex is a vibrant county that continues to grow and develop. This means property of a high standard is in constant demand. Property developers looking to renovate or refurbish properties often need finance to do so. Bridging loans are a quick solution that allows you to undertake the refurbishments without delay to help improve assets and increase their value.
Who Are Bridging Loans Suitable For?
Anyone can apply for a bridging loan; they are used commonly when buying at auction, or if you need to buy before a sale, as well as by property developers and businesses looking to flip a property (the process of buying and selling quickly). Bridging loans can be used for both residential and commercial properties, and by private property owners, developers and investors
The exit strategy is an important part of the process and should be considered before you take out a bridging loan. Bridging loans are an effective short-term solution to obtaining finance quickly when long-term finance is not currently available but will be by the time the bridging loan is due to be repaid.
At Novellus, we specialize in expediting the screening process, allowing for quicker decisions than most of our competitors can provide. We provide an alternative for those clients who may not be eligible for traditional funding from High Street banks or people who need access to funds quickly. At Novellus, the timescales are fast for both the approval and the application process.
Our expertise lies in securing unregulated bridging loans between £500,000 and £5,000,000. Our Loan To Values (LTV) is between 50 – 70% and we have approved applications with an LTV of up to 90% in certain circumstances.
Can Anyone Apply For A Bridging Loan?
Our bridging loan experts take the time to evaluate every application and provide a personal and professional service. We review applications from all types of applicants and will consider your individual financial situation, budget and goals when making a decision.
To find out if you qualify for one of our bridging loans, 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 £50,000 to well in excess of £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 are self-funded, 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.