Other types of finance

Why pay expensive non status bridging loan rates if there is a cheaper alternative? Here are a few dummy case studies where we were able to avoid using bridging loan finance:

Secured Loan - A client came to us desperate to raise £40,000 as they owed this amount of money to HM Revenue and Customs who had placed a restraining order on their house possessions and an expensive car that was not subject to finance. The client's property had a large mortgage and it was to high a loan to value to raise the finance as a second charge bridging loan, however we had a secured loan company that would go to a much higher loan to value. We got the secured loan agreed in hours, faxed proof to HM Customs who agreed to give the client time for the secured loan to complete. There were no upfront fees and all in all the secured loan worked out a better option in the long run.

Standard Mortgage.- A client came to us as they had purchased a property at auction and had to complete in 28 days. They were nervous that their mortgage lender would not get the offer in plenty of time to complete within the deadline. We felt there was no need to use a bridging loan company so we arranged a mortgage with a lender that had without fail arranged a formal offer of finance within 7 days. The mortgage had no tie in period so the client was able to refinance to their chosen lender in due course.

Standard Mortgage - A client came to us for a bridging loan as they needed some urgent funds as they were subject to repossession and needed funds to clear the arrears. We felt the bridging loan was pointless as some form of long term finance would be required eventually. We were able to provide a new mortgage that consolidated their current mortgage and arrears plus other debts that was making everything unaffordable. A copy of the offer in principle was sent to the current lender who agreed to suspend the legal action to allow the new mortgage to complete.

These are just a few examples. We tend to find that people put the term "bridging loan" or similar into a search engine when they need some form of finance that their current bank or building society cannot provide. It just takes some laterall thinking to try and avoid this type of finance where possible. In some instances there is no option but it is worth looking at your needs from all angles. There are many high street rate mortgages that can be provided with no proof of income on a self certified basis. Secured loans can generally go to a much higher loan to value than a mortgage or a bridging loan and this also gives you the advantage of borrowing less than £25,000 which cannot be achieved by every bridging loan company I have come across. All methods we use are completely legal and ethical and if you can find a broker that can think on their feet then this may be achievable for you.