We all know how frustrating it is when the property chain you’re in suddenly breaks because one of the buyers has decided to pull out. But instead of losing the property you intend buying altogether, there is a solution available – Regulated Bridging Loans.
If the person buying your property decides they no longer want to go through with the sale, it’s possible to take out a Regulated Bridging Loan. This is secured against either your current property or the property you’re hoping to buy. Then, when you’re own property finally sells, the proceeds can go towards paying off the loan.
Regulated Bridging Loans are not just there to help with chain breaking finance, they can also be used for refurbishing properties or Auction purchases.
The main features of Regulated Bridging Loans are:
- Min loan size £50,000/Max £2,500,000
- No monthly payment. Interest is rolled up into the loan then paid when the property is sold and the loan settled
- No minimum term – loans can be settled after just one day!
- 12 month maximum term
- Available in England & Wales only