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How long does it take to get a bridging loan?

As a short term loan, bridging finance is designed to provide fast funds when you need it most. 

It is true that it can be slightly more expensive than other types of finance but given its speed and the amounts you may be able to borrow, it can really be a lifeline when you are in urgent need of extra cash.

There are a multitude of scenarios when a bridging loan could be the right solution for you, such as you are purchasing a property at auction and you have 28 days to complete the purchase of the property, or you have found your new dream home but are struggling to sell your current property and don’t want to miss out. Well, with a bridging loan, you may be able to get the extra funds you need, within these tight deadlines.

Investor applying for a bridging loan on The Loan Partnership

How quickly can I get a bridging loan?

How long it will take to actually receive the funds will depend on various factors, such as the lender that you choose and the level of finance that you take. This is why using an experienced bridging broker can really help and reduce any unnecessary delays in the process.

To give you a ballpark figure though, a bridging loan can typically be arranged in anything from 5 – 14 days. Depending on your circumstances you may be able to obtain the funds even faster and in some more complex cases it may be longer. Generally speaking though you will typically receive an agreement in principle within 24 hours, then it will take one to two weeks to release the funds.

To give you a better idea, here’s how a bridging loan works. After a quick chat with one of our experienced bridging brokers to answer just a few questions on how much you are looking to borrow and your financial situation, we will get straight to work to find you a suitable deal to match your needs from our wide range of bridging lenders. We work closely with bridging lenders from across the market including Shawbrook, United Trust Bank and West One Loans to name just a few. We will compare hundreds of deals to pinpoint the most suitable options for you.

You’ll receive a free and absolutely no-obligation quote with a full breakdown of the latest rates available and any fees applicable. Should you have any questions, we’re here to help and once you are happy, we’ll help get your bridging loan application submitted to the lender to process.

Your dedicated broker will keep you up to date throughout the application process and will ensure you get to that all-important completion as quickly as possible. 

What factors can delay getting a bridging loan?

Like with all finance, when applying for a bridging loan you may need to provide some documentation to support your application and the lender will undertake various checks to assess the risk and ensure you will be able to repay the loan. How long this will take truly depends on the particular lender, as each has its own process and criteria to adhere to. This is why picking the right lender can be pivotal to obtaining the funds you need and why our market knowledge can help you avoid dead-ends or delays. 

In some cases a survey may be needed on your property as part of the lender’s underwriting process. This can add time to the application but we will work with both you and the lender to ensure that if needed, all unnecessary delays are avoided.

Like with a traditional mortgage, a solicitor will be needed to complete the legal paperwork. So by choosing a solicitor with experience of dealing with bridging finance applications can really save you time.

In a nutshell, if it is fast finance that you need, a bridging loan can be one of the quickest ways to secure funding and by using an experienced broker you can reduce days and potentially get the funds in just a couple of weeks. 

To discuss bridging finance options or start your application, chat to the TLP team today on 01923 250090 or apply online here