TTT - Did you know that residential bridging loans might be a good solution if you need funding for an uninhabitable property?
Uses of residential bridging loans: uninhabitable properties.
Uninhabitable properties can be a challenge to secure finance against and are often seen as more high risk projects in the eyes of banks. Bridging lenders and residential bridging loans could be the solution. Specialist lenders do not have a text box lending criteria and the expert teams combined with unique lending policies, means they are able to look at the details of each case and can lend on a wide range of properties. This means that you may be eligible for a bridging loan on an uninhibited property that has been previously rejected for traditional lending.
What is a residential bridging loan?
A residential bridging loan is a form of short term finance, usually one to 24 months, that can be used to fund the purchase of a residential property, and in this case uninhabitable property.There are many uses for bridging loans, and often are used to buy you more time to source a suitable long term finance solution. Residential bridging loans work efficiently to streamline the process and can be a solution in projects where there’s a tight deadline, compared to the sometimes convoluted mortgage process.
Loans are secured against property, and it’s TAB’s policy that we do not lend on any residential loans with an LTV above 75% or on a property that is your principal property. For more information on understanding LTV you can use the link here, and if you would like to learn more about borrowing from TAB, please get in touch with us today. Contact our sales team at firstname.lastname@example.org or call 0208 057 9070.
This article is for information only and does not constitute advice or a personal recommendation. When it comes to financing, any property used as security is at risk of repossession if you do not keep up with your payments. If you are unsure of the risks, you are advised to obtain appropriate professional advice. TAB is an unregulated lender so will not lend on your principal property.