BRIDGING FINANCE LIMERICK

Dependable Bridging Finance That Gets Closer To Your Business Needs

Limerick is one of Ireland’s oldest settlements and follows suit with many of the Emerald isle’s other cities. Limerick has seen steady growth over the last few years. In fact, it is now the second fastest-growing region outside of the capital of Dublin.

Limerick is known for having a solid rental market with a high demand for rental properties due to the city’s growing population, increasing job opportunities, and large student population attending the city’s universities.

In recent years, Limerick has also undergone extensive regeneration projects, which have resulted in significant improvements to the city’s infrastructure, including new housing developments, transport links, and public amenities. All of this led to an increase in property values and demand for properties in some regions of the city.

BRIDGING EXPLAINED

What Is A Bridging Loan?

A bridging loan is a form of short-term funding that can be used for purchasing a property, particularly in cases where immediate funds are required, such as when buying a property at an auction. This type of loan can be secured against an asset, typically a property, and the application process is swift and hassle-free. Novellus bridging loans provide quick access to funds in urgent situations.

Bridging loans provide an excellent alternative for borrowers when traditional financing options are not available for different reasons. They are typically short-term financial products that can help bridge the gap whilst long-term finance is secured. Novellus Finance Limited is an unregulated lender, providing short-term loans to businesses.

The term for a bridging loan is usually 6 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 (save for the notice period to repay or interest equivalent).

WE STRIVE FOR 100% CUSTOMER SATISFACTION

Testimonials

“We wanted to release initial equity from our site with further instalments during the term to fund other projects. Novellus offered us an extremely competitive rate of 0.7% pcm, fixed for 2 years, engaged with us quickly, visited the site and conducted their due diligence efficiently. Novellus were professional and courteous throughout the process and a pleasure to deal with.”

“Having dealt with Novellus for 12 months now, we can confidently say they are great to deal with. They've been very straightforward, understanding, and brilliant with communication. The team have been particularly helpful throughout and are always at the end of the phone/email to answer any questions or concerns no matter how big or small.”

“Novellus customer journey was straightforward. They have a reputation for being sensitive to time pressure and were able to provide finance quickly for our project. They have a good range of products and very good levels of customer service. We look forward to working with them again in the future.”

WHAT CAN BRIDGING LOANS BE USED FOR

There is a range of uses for bridging loans, including (but not limited to):

AUCTION PURCHASES

QUICK TURNAROUND BRIDGING LOANS

Bridging loans can be used to purchase properties at auction, which usually requires a quick completion time. Often an auction payment will require an immediate large deposit to be paid, and the balance is generally due around 28 days later. Traditional mortgages take longer than this to arrange. A Novellus bridging loan offers funds on a quick turnaround when required.

Land purchases

Bridging loans for Land purchases

Acquiring finance through a bank to purchase land without existing buildings or services can be very difficult. Yet, bridging loans offer a viable solution for buying land, even with limited or no planning permission. This option provides time to secure planning permission and apply for long-term funding from a bank or development finance lender.

COMMERCIAL

BRIDGING FOR COMMERCIAL PURPOSES

Obtaining a loan for commercial purchases can be a lengthy process, causing borrowers who are unable to access funds quickly to potentially lose out on a deal. Bridging loans provide fast funding, enabling investors to secure purchases before other buyers.

Get some great insights from one of our commercial finance specialists,
call us on +353 1 531 4237 or apply online.

Suitability

ARE BRIDGING LOANS SUITABLE FOR ANYONE?

Bridging loans are suitable for any business seeking funding for property or land purchases in Limerick, particularly for those which require short-term and fast funding. To be considered, the applicant must have a clear repayment plan in place, as well as a suitable asset to act as security.

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 borrowers 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 with no upper limit.

To help discover the approximate costs involved with a bridging loan, use our online bridging loan calculator for guidance.

The Benefits

Why choose Novellus for Bridging Finance

Quick access to funds with no external credit committee to delay processing, offering credit backed terms
Loans from €500,000 with no upper limit
Options available with unsecured lending or 100% funding against assets
Funds available in as little as 48 hours, but usually in 4-6 weeks from the application

Funding is underwritten on a case by case basis which means quick decisions as well as a swift and easy process
Normal loan term is generally between 6-12 months
Early repayments can be made without incurring any early repayment fees
If the borrower and/or its key personnel have bad credit, we may still be able to assist.

Accessibility

APPLYING for a Bridging Loan?

We do not offer regulated loans. We will consider every application from businesses on a case-by-case basis.

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.