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.
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.
What can it be used for?
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.