At Top Tier Bridging Loans, we pride ourselves on our excellent levels of customer service. We move fast to ensure our lenders are looking at borrowers’ loan requirements immediately after valuation of the property over which the lender would obtain a charge, be it a first charge or second charge.
What is a Bridging Loan and Why Do People Need It?
Borrowers sometimes need a loan on a temporary basis while they are waiting for a larger amount of money from another source of finance. People generally take out bridging loans when they need fast, short-term access to finance.
The Difference Between 1st and 2nd Legal Charge Loan
A first legal charge is the security for the principal loan on a property. A second legal charge loan is security for a loan on a property that already has a mortgage or loan taken out on it. In these cases, the lender to whom we have introduced you may need to secure consent from your lender who has a first legal charge before approving a bridging loan, which may slow down the application process.