Bridging Loans solicitors in London and Essex
Bridging loans are an alternative source of finance to traditional bank finance and are very popular amongst landlords and developers who require short-term funding or who do not qualify for traditional bank finance.
A bridging loan typically lasts 6 – 24 months and are offered by smaller lenders who do not require borrowers to go through the complex and sometimes unnecessary administrative procedures that is often involved with traditional lenders. Bridging loans can therefore be arranged fairly quickly and we understand the importance of working quickly and efficiently to ensure that the transaction proceeds to a smooth conclusion.
On the other hand, bridging loans are more expensive than traditional loans and you should ensure that you have a clear and achievable exit strategy e.g. a plan to pay off the loan or to re-finance to a more cost-effective loan.
Examples of bridging loan matters include:
- Auction purchases
- Refurbishment loans
- Quick turnaround purchases
- Below market value purchases
As part of our role in a bridging loan transaction, we will advise on the terms of the loan documentation including matters such as interest payments, default interest rates and events of default. We will also advise on the security documentation in respect of the security being taken by the bridging lender.
Our unique selling point is that we understand what clients want from their lawyers. We will manage your transaction proactively, with careful attention to detail while never losing sight of the bigger picture.
While working with us you will have access to our strong network of other professionals such as accountants, independent financial advisers and bankers.
We offer a range of pricing options and will be happy to discuss these with you. As a client-centred law firm, we will be transparent with you about our pricing and actively manage these in line with our agreements.