The town of Beckenham has a history dating back to the days of the Roman Empire. Today it has a population of approximately 56,000 people, and an increased focus on new property developments as well as the renovation of period homes. Simply put, the leafy suburb of Beckenham is experiencing a lot of growth.
Novellus Bridging are here to help businesses and individuals in Beckenham interested in acquiring existing properties or funding a commercial property development project, using a bridging loan finance model.
What Is A Bridging Loan?
A bridging loan is a form of short-term finance that could, for example, allow you to purchase a property short notice. A bridging loan would be secured against an asset by the lender, the application process is usually a quick one, giving you almost immediate access to the cash you need.
Bridging loans are typically taken out for periods ranging from several weeks to 12 months.
There are two different types of bridging loans:
Closed-bridge – These loans are provided on the understanding that they will be repaid on a specific date, typically when the borrower sells an asset.
Open-bridge – Although this type of bridging loan has no fixed date for repayment attached to it, there is usually a requirement for the loan to be repaid within 6 – 12 months of the date of issue.
Who Are Bridging Loans Suitable For?
Many borrowers are property speculators who are making their first purchase at auction and need access to temporary funding to pay for it. Bridging loans are also suitable for (and by no means limited to) commercial property developers working on multi-million-pound projects.
A common theme for bridging loans is for people and businesses that require access to temporary funding, that can be provided quickly and without the levels of bureaucracy found in most banks and high-street financial institutions.
Novellus offer unregulated bridging loans, ranging from £50,000 too well in excess of £5,000,000. While we prefer the loan to be based on an LTV of 50 – 70%, we will consider an LTV of up to 90% in specific circumstances.
As we have no credit committee this means we can reach a decision on your application quicker than most of our competitors.
You can use our online bridging loan calculator to get an estimate on what costs are involved with your financial requirements.
Who Can Apply For A Bridging Loan
We offer a pain-free application process, with no fixed criteria or credit committees involved. The best way to find out if you qualify is to simply call us today on: 0203-3974871 or fill out one of our application forms.