If you need a bridging loan fast, in a best-case scenario, it is possible to be approved for one within a matter of days.
With just one phone call or by completing a simple online application form, your loan request could be put in motion within minutes. At Top Tier, we will arrange for a valuation of your property as soon as possible, and certainly within five days. The surveyor will visit your property and conduct additional research in order to give an accurate valuation. As soon as we have confirmation of your property’s value, we will secure a lender and make an offer within two working days (subject to valuation, terms and conditions). Your solicitor and the lender’s solicitor will then draw up a contract. Once you have signed the contract, the funds could be released the following day.
Delays may be caused by any number of factors. For example, if you already have a mortgage on the property, you will need to get the consent of your mortgage lender before you are able to secure a second charge bridging loan; this will obviously depend on how long they take to reply to your request and is out of our control.
Other factors that could cause delays in securing a fast bridging loan is the condition of the property that the loan is to be secured on. If the lender has a cause for concern about how long any renovation work might take, they may need longer to make a decision on whether or not to offer the loan.
You will need to produce documentation to your lender before your loan is approved. To make sure you expedite things as quickly as possible, when you first contact us, ask what paperwork will be required so you can get everything in order for when it’s needed.
If this is the first bridging loan you have applied for, you may not yet have found a solicitor who is experienced in dealing with bridging loans. If this is the case, we would be happy to recommend solicitors who specialise in bridging loans.
Looking to secure a bridging loan as fast as possible? Get in touch and give us a call 020 8144 9514!