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 Paul Hughes answers some common questions he gets asked as he presents to professional sector partners and progresses cases to completion:
How quickly can short term funding usually be arranged?
The main reason a client would consider Bridging Finance Limited, apart from our flexibility, is the speed at which we can complete a transaction. The average time from contact to funding is around 5-7 working days; however we have often completed transactions within 48 hours if the solicitors are able to handle the legal aspects. Our record is 4 hours from receipt to completion!
What income multiples apply to bridging finance?
At Bridging Finance Limited we don't use income multiples. Large amounts of our business are based on self-declaration of income. We are mainly used as a 'stop gap' between raising funds and securing a longer term mortgage/loan, or where the loan is repaid from an imminent property sale.
Do you need cash flow projections?
No. We don't require financial accounts, cash-flow forecasts or bank-statements. This delays the funding process.
What type of valuation is required for various properties, land etc?
We require a valuation by a known panel surveyor, and will use an existing valuation where possible. If required, we have links with a number of firms who know how we work and understand the timescales involved.
How is the interest rate calculated? Is it subject to change?
One of the ‘unique’ selling points at Bridging Finance Limited is our policy of total clarity and transparent terms in a marketplace which is known for being opaque. We have one clear ‘market leading’ monthly rate. This allows the introducer to ‘cost out’ the clients expenditure for the period required. Arrangement fees or exit fees are tailored around the client’s requirements.
Can you lend on un-mortgageable properties?
At Bridging Finance Limited we lend against value and this allows us to consider properties or assets that may not normally be mortgageable with a traditional high street lender.
Other than property, what else can short-term funding be used for?
The list is endless and a few examples are listed below:-
Raising capital for business acquisitions Settling tax liabilities Corporate recovery For more uses click here What length of term is bridging finance available for?
Most short-term funders will provide a three month facility, the terms being changed if the facility runs over and often penalties are applied. At Bridging Finance Limited we provide a flexible 12 month term on day one. The client has the benefit of knowing the terms in advance should the facility run to 3 ½ months or 4 months etc…
What happens if circumstances change once funding has been agreed?
We work with our clients and because of our flexible approach both before and after funding we receive a great deal of repeat business from our clients.
Can clients defer monthly payments?
We provide a variety of payment options for clients including:-
Normal monthly payments Deferred payments Roll-up Payment deductions on ‘day one’ Part-payment Part roll-up Our clients can choose whichever option best suits their circumstances.
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