Landbridge Finance - Frequently Asked Questions

What is a Bridging Loan?

It is a short to medium term loan secured on land or property.

How much can I borrow?

Bridging loans from £26,000+, and commercial mortgages usually from £50,000+ although we can work outside of these figures. Our whole of market access means that we can source all sizes of loan.

Is there a charge for making an application?

No.

Why use a broker?

Independent brokers are an integral part of today’s financial community. With a wealth of industry experience, they provide simple impartial advice, to help clients track down and negotiate the best deal amongst the hundreds of companies and myriad of options available.

Can you lend on un-mortgageable properties?

We provide loans based on value and this allows us to consider properties or assets that may not normally be mortgageable. Remember, no kitchen, no bathroom, no problem.

How soon can I have the money?

We work to your timescale, it’s possible to complete bridging loans in under 24 hours if required. We usually advise at least 5-7 days from initial contact to drawdown of funds. What costs are involved in the transaction? A completion fee may be payable to the lender upon draw down of the funds. A valuation may also be required, in which case we will ask you to pay the surveying company directly.

Do I need to prove my income?

No. We have self certification bridging loans and commercial mortgages available.

Does my credit rating matter?

No, we do not need to credit score or check previous payment history with other lenders.

Can I borrow on a property on which I already have a mortgage/other charges?

Yes. We offer 2nd Charges and in some cases 3rd charges, subject to available equity.

Can I secure a bridging loan or commercial mortgage on property which I do not own?

Yes. However, the property owner must be party to the loan.

Do I need to make regular monthly payments?

Not always, we can add the interest to the account each month, giving you a payment holiday.

Can I settle my loan early?

You may pay off your loan at any time.

Can I make capital repayments?

Yes. This will reduce the balance outstanding as well as your monthly interest.

What can I use a bridging loan for?

Any legal purpose, e.g. home improvements, buying new property, purchasing a new business, the list is endless.

What type of security do you require?

We will consider all types of residential, commercial and semi commercial property.

What are your rates? From 1% - 2% per month for bridging loans, depending on the size and term of the loan, as well as the type of security. Commercial mortgage rates are calculated on an individual basis.

Is the rate I receive subject to change?

With a bridging loan you have the peace of mind of a fixed rate of interest. We can arrange fixed or variable rate commercial mortgages.

Can I protect my repayments?

We can arrange life cover on all loans, if required. Can I convert my bridging loan into a longer term loan? Yes. We can get a commercial mortgage in place to repay a bridging loan as soon as you like.

Can I borrow more money later?

Yes providing there is enough equity to drawdown.

Do you lend to self employed applicants with no account history?

Yes. We can provide loans on a non status basis.

Is a new valuation required?

The lender will need to see a valuation report. If a valuation is not available then a new one will be required, we can arrange this on your behalf.

Is my home at risk?

Your home may be repossessed if you do not keep up repayments on your mortgage.

How long can I have the Bridging Loan for?

Typically from 1 Month to a maximum of 12 Months, although these can be renewed after the initial term.

How long can I have the commercial mortgage for?

Typically from 10 years to 40 years.

Can I add the interest payments to the loan?

Yes providing the added interest is not higher than the max LTV.

Do I need a solicitor?

We would advise you to take some independent legal advice.

What is a regulated mortgage contract?

Any loan secured by way of 1st charge over your residential property of which more than 40% will be occupied by yourself or a member of your family is a regulated mortgage contract.

Do you offer loans to people with CCJ’s, defaults and arrears?

Yes. Our non-status loans are available to everyone except un-discharged bankrupts.

What is a 2nd charge?

If you have an outstanding mortgage on your property, that lender will have a 1st charge against the property. If you have equity in your property we can take a 2nd charge, and in some cases a 3rd charge against the property.