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What is a Bridging Loan ?
It is a short term loan secured on land or property. ^top
How much can I borrow ?
£30,000 - £2,000,000. ^top
What type of security do you require ?
We require security on a residential or commercial property. ^top
What are your rates ?
From 1% - 2% per month depending on the type of security. ^top
How long can I have the Bridging Loan for ?
For a minimum of 1 Month to a maximum of 12 Months. ^top
Can I add the interest payments to the loan ?
Yes providing the added interest is not higher than the max LTV. ^top
Can I borrow more money later ?
Yes providing there is enough equity to drawdown. ^top
Do you need proof of my income ?
No ^top
Can I pay my Bridging loan off early ?
Yes subject to a minimum period of 1 month. ^top
Do I need a solicitor ?
Yes, it is advised that you get some independent legal advice. ^top
Do I need a broker or intermediary?
No, but we do advise that you get professional advice. ^top
What is a regulated mortgage contract ?
If we were to take a 1st charge over your residential property of which more than 40% will be occupied by yourself or a member of your family the loan will be a regulated mortgage contract. ^top
How long from initial acceptance will it take to get the funds ?
We work within your timescale, but it has been known to complete a loan within 48 hours but usually it takes approximately 7-10 days. ^top
Do you offer loans to people with CCJ’s, defaults and arrears ?
Yes ^top
Who are Pure Bridging ?
We are an independent mortgage lender who aim to give you quick uncomplicated finance without losing quality of service. ^top
What can I use a bridging loan for ?
You can use a bridging loan for any legal purpose. ^top
What is a 2nd charge ?
If your property has an outstanding mortgage that lender will have a 1st charge against your property. If you have equity in your property we can take a 2nd charge against the property. ^top
Do you lend to self employed applicants with no account history ?
Yes as we are offering a loan on a non status basis. ^top
Are bridging loans regulated by the FSA ?
Yes, if the loan is a regulated mortgage contract but not if the loan is non-regulated. (See above, what is a regulated mortgage contract ). ^top
What is a KFI ?
A KFI is a Key Facts Illustration that a regulated intermediary would need to produce for all regulated mortgage contracts. ^top
Is a new valuation required?
Pure Bridging will need to see a valuation report addressed to Pure Bridging of a valuation carried out within the last two months. If a document is not available then a new valuation will be arranged. ^top
How do you accept payment for valuation fees?
We only accept credit / debit card payments, electronic money transfers, Bankers Drafts, intermediary Cheques, cleared funds. If you wish to use a personal cheque will we need to clear the funds before progressing. Delays will occur. ^top
Is my home at risk?
Your home may be repossessed if you do not keep up repayments on your mortgage. ^top
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