4 Tips to Find a Good Commercial Bridge Loan
The success of any good business will depend on how they look to expand their services. Most entrepreneurs or businesses will always be looking for the next new project or service to bolster their business. Having the liquid funds available is a critical part of this process, as without the funds to jump at an opportunity, the next success story of the business could be missed. By making use of commercial bridge loans you can launch new services, stay one step ahead of the competition and take your business into the next level.
Typically bridge loans were only used for property transactions, allowing one purchase to complete before the sale of the existing property completed. However, more recently, as more and more businesses have grown to adopt and rely on bridging loans, their uses have extended to almost any business application. These business applications can include;
Paying large tax bills.
Kick starting a new idea or project.
Funding an existing project which is over running
Pay supplier invoices.
Buy-to-let purchases.
House auction purchases.
Vehicle Fleet purchases.
There are many Bridge Loan lenders throughout the UK offering bridging loan services, and it can become a daunting task to try to filter out the best possible deal for your situation. This becomes more challenging if you have bad or adverse credit and need to find a Bad Credit Specialist.
Below are just a few tips you can follow at the time when you are searching for a Bridge loans lender in the UK.
Instant Decision on your request
When looking for a bridge loan, by speaking directly with a bridge loans lender as opposed to a broker, will generally speed the process up. Ensure you are speaking directly with the decision makers, otherwise you application will become passed down a line, meaning more time delays between funds being released. This is important when your application is time critical to a purchase.
Funds Availability
After your bridge loan application is accepted, how quickly can you get the funds? It is important to assess with the bridge loan lender that the funds are currently available, as again if you are waiting on a lender to get hold of the funds from another deals.
Less Verification and Credit Checks
If you have bad or adverse credit, then your options for a conventional bank loan or mortgage will usually be rejected. If you fall into this category it is also important to look for a bridge loans lender who is a bad credit specialist, as they will be able to assess your situation and find the best possible bridge loan for you. Generally, bridge loan lenders in the UK will accept your bridge loan request, even when you have bad credit history, as the loan will be secured against an existing asset.
Check Interest Rates
Before applying for a Bridge loan, it is important to check interest rates on the bridge loan lender and bridge loan. This can be done by making use of a bridge loan calculator. The interest rates on bridge loans are generally higher when compared to traditional bank loans, however, these will differ from lender to lender.
The above four tips will help guide you in the right direction for finding the right Bridge loan lender for your bridge loan requirements. However, one bridge loan lender who fulfils all the above tips is Bridge Direct.
Bridge Direct are direct lenders, and not brokers, and assess each and every bridge loan application on its individual merit, even if you have bad or adverse credit. By approaching bad credit specialists like Bridge Direct you can complete all your financial requirements at once.
Bridge Direct will not perform any credit checks, accept 1st and 2nd charges and have no set criteria for any of their bridge loans.
The team at Bridge Direct will give you an instant decision on your bridge loan request, and in some cases funds may be available to you in the same day.
You can reach the team at Bridge Direct for you bridge loan applications by calling on 020 3126 4969 or even complete their simple online application form at www.bridge-direct.com. No matter your situation, Bridge Direct may have a bridge loan solution for you.