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Bridging Finance

A bridging loan or bridging finance is a great solution for property owners, investors and developers. At Basik Money we understand that property enthusiasts come across opportunities that are too good to miss, although they don’t have the available funds, this is where Basik Money can help.

7.8% APRC Representative
Representative example: Assumed borrowing of £37,700 over 180 months, with a fixed borrowing rate of 6.4% per annum for the first 36 months, followed by 144 months at the lenders standard variable borrowing rate of 5.9%. There would be 36 monthly installments of £356.89 followed by 144 installments of £347.59. Total amount payable £63,021 comprised of loan amount (£37,700) interest (£21,791) Broker fee (£3,000) Lender fee (£530). This would result in an overall cost of 7.8% APRC.
Basik Money Ltd may receive payment from product providers.
Loans are subject to credit checks, affordability checks and a valuation of your property.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR LOANS SECURED ON IT.
Basik Money Ltd SC541443, Authorised and Regulated by the Financial Conduct Authority FRN 760841. Registered with the ICO under registration number ZA197235.

We are here to help you get a great bridging finance deal, up to 70% LTV

Basik Money is a bridging finance broker, we are not a bank. We search all lenders to find the best bridging finance options available to you. Whether it’s a small or large amount, get in touch with Basik Money today to find out how we can help you.

Open Bridging Finance

Open bridging loans are for those who don’t have precise dates to make the repayments on money borrowed, for example; you don’t have a buyer in place / sale completion date. Lenders usually regard open bridging loans as risky and therefore have higher interest rates than closed bridging finance, the lender will also need to be satisfied that you can make the repayment of your borrowings. Bridging loans are typically six to twelve months depending on the terms set out in the application process, if you miss your repayments you will be charged late fees.

Closed Bridging Finance

Closed bridging loans are where the lender knows exactly how you are going to pay back the amount you have borrowed and specific repayment dates, also know as an exit strategy. If you know that you will be able to pay back the loan from the sale of the property and have a completion date, a closed bridging loan is perfect for you. If you do not have specific dates for the completion of the property sale, but you do have other means of making the repayment and can show the lender how you will make the repayment, they are likely to provide you with the funds. If you choose to apply for a closed bridging loan, the interest rates are usually lower because the lender knows you are at lower risk of failing to pay back the amount you borrowed.

WE COULD HELP YOU

BORROW WHAT YOU NEED – WHEN YOU NEED IT

Key Features

  • Bridging finance from £25,000 – £5m
  • Terms typically between 3-12 months
  • No upfront application fees
  • Up to 70% LTV
  • 2% lender arrangement fee
  • 1st and 2nd charges available
  • Residential & Commercial properties considered

What can it be used for?

  • Purchasing of a residential buy to let property
  • Property refurbishment
  • Purchasing auction property
  • Purchasing development properties
  • Developing properties
  • Self-build properties (staged)
  • Tax bills or business purposes

Why choose Basik Money?

At Basik Money it’s all in the name: we make finding the right financial solution simple, easy and effective. Basik Money take great pride in being directly authorised and regulated by the Financial Conduct Authority. Which means that we adhere to the highest standards of advice for our clients. Our approach is transparent and simple – if you’re not accepted for a solution, there’s nothing to pay.

WHY CHOOSE BASIK MONEY?

  • FCA Regulated

    We are fully authorised and regulated by the FCA.

  • Industry Experts

    Our fully qualified advisers will explain everything to you in terms that you understand, ensuring that you have the best chance of acceptance for the finance option that is right for you.

  • WHOLE OF MARKET APPROACH

    At Basik Money, we search the entire market to find only best lending, insurance or debt options available to you.

  • EXCELLENT CUSTOMER FEEDBACK

    Don’t just take our word for it, read our customer reviews on TrustPilot.

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