Affirmative Finance has produced a bridging guide aimed at intermediaries who do not utilise short term finance on a regular basis.
The newly published whitepaper talks about the changing face of bridging loans and how it can help aid residential and commercial property transactions, developments and refurb, as well as when time is short during auction purchases.
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The whitepaper stated that the bridging loan market has boomed from “a growing confidence in the housing market”, as well as an increase in buy-to-let schemes and development investments, as it “gives investors the opportunity to renovate and refurbish a property that could not be financed by a mortgage from the outset.”
The Manchester-based lender who celebrated its 10th birthday this year, has launched the guide for intermediaries new to the bridging market, but want to broaden their options with alternative finance methods.
The whitepaper defines what a bridging loan is and what the main uses are what sort of client would need one. This includes homeowners and property owners, property developers and investors and business who are in need of cash injection.
Affirmative stated that “bridging loans are becoming increasingly recognised as useful and valuable by individuals and businesses looking for quick, short term funding solutions.”
The guide also includes information on interest rates, payment structures, loan terms, and how bridging finance can be used on un-mortgageable properties. “Bridging loans provide investors with the opportunity to buy these often derelict properties and start their renovation project prior to letting and securing long-term finance or selling for a profit,” it was commented in the paper.
The bridging lender offers first and second charge bridging loans with no minimum term, as well as not charging an application fee.
Last month, Affirmative boosted its BDM team in order to further its coverage to its North of England offering, where it is looking to strengthen the platform it has developed over the last decade.
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