Take, for example, the self-made business owner – we are seeing more and more people who have taken the plunge in the recession. However, accessing funding to seize a short-term business opportunity remains challenging, with many high-street lenders continuing to tighten lending criteria and procedures – particularly for the self-employed.
As with clients themselves, of course, the majority of lenders prefer certain types of security to others. Brokers will have become used to seeing “creditworthy” borrowers who are struggling to finance a renovation, complete a land purchase or take their first steps into a new property investment project.
Bridging loans are extremely flexible when it comes to securing both commercial and residential properties and projects. They can work for both clients with a “super-prime” credit status and those without, allowing rapid access to capital in order to generate funding for acquisitions, stock purchases or the latest innovations.
Furthermore, bridging finance isn’t limited to one product. It’s available across all market sectors; it can be based on a first or second charge; and exit fees can be as low as 0 per cent. It’s this diverse range of options that make bridging worth exploring for a broad range of clients.
