Ten stages of a Bridging Loan

Ten stages of a Bridging Loan

The process of applying for and successfully concluding your Bridging Loan can be broken down into simple stages. Here's a quick guide to what you can expect, and in what order.

  • 1

    You decide on what type of Bridging Loan you will need:

    Open or Closed, the amount you require, and for how long. You also decide what asset or property you will be offering as security.

  • 2

    Use a broker or referral service - such as Means to a Lend - to find a lender that best fits your needs.

  • 3

    Provide the lender with a clear summary of what you want and details of what you wish to buy.

    This should include the purchase price and the source of the deposit you will be providing.

  • 4

    Lender will issue an offer letter stating their terms and conditions of the loan, and details of what you need to do in order to obtain the finance from them.

  • 5

    Lender arranges a valuation report and supplies your solicitor with all necessary documents for the loan application to proceed.

    files and folders
  • 6

    Your solicitor will arrange to go through the details of the deal with you and ensure your understanding of the contract.

  • 7

    Once you are happy with the arrangements you will sign all the paperwork.

  • 8

    The lender will release the funds to your solicitor in preparation for them to complete the necessary legal work.

  • 9

    The Funds are distributed to you or directly to the nominated recipient by your solicitors.

  • 10

    Any fees payable by you, such as the broker fee and solicitors costs are paid by you.

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