Dependable Bridging Finance That Gets Closer To Your Business Needs
Sitting in south-west Ireland, Cork has a population of approximately 210,000 and is the second-largest city in the Republic of Ireland. With lively retail areas and a range of different companies based in the city, Cork is a hub of industry. Apple Inc has its European headquarters in Cork, and other notable names include Johnson&Johnson and Pfizer Inc.
For those businesses and individuals looking to invest in property in Cork, Novellus’ range of bridging loans in Cork can provide short-term funding solutions.
A bridging loan is a form of short-term finance that is generally used to bridge the gap while long-term funding is secured.
For example, when purchasing a property that does not qualify for a traditional mortgage, a bridging loan allows time for the buyer to renovate or complete the requirements that need doing to the property. Meaning, long-term finance can then be secured. It is also a viable option when finance is required quickly.
Novellus Bridging is an unregulated lender, providing short-term loans to both businesses and individuals (landlords).
The length of borrowing time for bridging loans is usually for periods ranging from several weeks to 12 months. However, the borrower can pay back a loan with Novellus, in full at any time within the term, without incurring any early repayment fees. To be approved for a bridging loan (among other criteria), the borrower must provide an asset to act as security and have a clear and achievable exit plan in place.
There is a range of uses for bridging loans, including (but not limited to):
To secure a property at auction, it is necessary to pay a deposit immediately with the remaining balance generally due within 4-5 weeks. Bridging loans provided by Novellus provide a quick turnaround which enables purchases to be funded for auctioned properties.
Securing finance through a bank to buy land with no existing buildings or services on it can take time and effort. However, bridging loans can be used for land purchases, even if it has limited or no planning permission in place. A bridging loan provides time to establish planning permission and apply for long-term funding via a bank or a development finance lender.
Buying a property that is currently un-habitable with funds from a high street bank is usually not possible. Bridging loans provide an opportunity to purchase a property that needs extensive refurbishment, allowing the purchaser time to secure long term funding or sell the newly renovated building.refurbishments without delay to help improve assets and increase their value.
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Bridging loans are suitable for anyone seeking funding for property or land purchases in Cork, particularly for those who require short-term, fast funding. To be considered, the applicant must have a clear repayment plan in place, as well as a high-value asset to act as security. Novellus Bridging is an unregulated lender, providing short-term loans to both businesses and individuals (landlords).
If a property sale requires a quick decision, a bridging loan can be a suitable funding option. Bridging loans are also suitable for commercial property or for property investors working on large projects. One of the main benefits is that they allow investors to buy quickly, providing them time to secure long-term funding, without losing out on the prospective purchase. They are also an option when a property does not qualify initially for a traditional funding source.
Novellus offer unregulated bridging loans ranging from € 500,000 to € 5,000,000+. Whilst most loans with Novellus are based on an LTV of 50 – 70%, we will consider LTVs of up to 90% in specific circumstances.
To help discover the approximate costs involved with a bridging loan, use our online bridging loan calculator for guidance.
We consider every application on an individual basis and provide a straightforward process. Anyone can apply for a bridging loan because we have no fixed products or criteria and base each application on its own merits when making a decision.
Novellus offers a stress-free application process.
For more information simply call us today on +353 1 531 4237 or fill out our form below.