When making big financial decisions, we know it’s important for customers to do their research when it comes to taking out any form of finance.
As a borrower, you need to know the precise nature of the loan and what the costs and timescales are, before submitting an application.
That’s why we have created this guide so you know what to ask and what you need to look for when choosing a bridging loan provider.
Here’s what you should find out:
How fast can the lender complete?
The bridging sector is supposed to be fast but recently the average completion time in the market has increased to over 50 days. We wanted to change that and that’s why Velocity can complete your case in just three working days.
Are there any hidden fees?
Transparency is key. Many lenders hide extra fees in the smallprint. We’re proud to say that Velocity will disclose all of our its fees on day one with no unpleasant surprises waiting around the corner.
How much can the lender offer?
Every bridging loan provider places a cap on how much they are willing to loan. For example, we can offer up to £1 million on residential properties nationwide. Our loan size will be a maximum of 60% LTV – so if you’re property is worth £100,000 the maximum we will lend is £60,000.
When do I need to pay my loan back?
The typical bridging loan lasts for 12 months and Velocity is no different. Our maximum term is one year but we are more than happy to open a dialogue with you towards the repayment date if you think you’re going to struggle to repay. We will work together to see if we can solve the problem.
Discuss your options further with Velocity Bridging on 01704 339588 or info@velocitybridging.com so you can get a tailor-made loan directly for your purposes.