BRIDGING FINANCE ESSEX

Dependable Bridging Finance that gets closer to your business needs

Sitting between London and the eastern coast, Essex is a county of gentle beauty that attracts jaded city dwellers to the delights of the countryside, without being too far from the bright lights. With good road links and public transport, Essex has a strong commuter population, leading to high demand for property

There is always an interest in development and properties in Essex, attracting businesses and individuals looking to invest in the Essex property market. Novellus’ bridging loans are a speedy funding option for investors looking to capitalise within this affluent area.

Bridging Explained

What Is A Bridging Loan?

A bridging loan is a form of funding that is quick to obtain and has a short repayment period. This is usually anything up to 12 months. It can be used for purchases that do not meet the criteria for a traditional mortgage or if finance is needed quickly. It provides the time to either secure long-term funding on the property or to renovate and sell.

When applying for a bridging loan the borrower must have an exit strategy in place to pay back the loan and provide a high-value asset as security. It is possible with Novellus to repay the loan before the end of its term without incurring early repayment fees (save for interest due in the repayment notification period).

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, I 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’s customer journey was straightforward. They have a reputation for being sensitive to time pressure and were able to provide finance quickly for my project. They have a good range of products and very good levels of customer service. I 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):

BUY-TO-LET

A FASTER OPTION FOR Property investORS

With its proximity to London, Essex has always been a great place to rent. This is exciting news for would-be landlords looking to purchase property to rent out. However, the criteria for buy-to-let mortgages can be extensive, so going through the approval process can be lengthy. A much faster alternative is a bridging loan, which allows landlords to capitalise on potential deals.

Property renovations

Properties that don't qualify for a mortgage

If a property is deemed to be uninhabitable high street lenders will not approve a mortgage. However, in order to do the necessary renovations to make it habitable funding is usually required. This can be achieved via a bridging loan, which gives the purchaser time to refurb it before applying for long term finance. Novellus can help individuals looking for investment properties, secure this funding.

Land purchases

Bridging for opportunities with land

Land can be challenging to raise funding against, particularly if it does not have planning permission, which is why a bridging loan could be a viable option.

Not only is it a quick funding option but Novellus will consider land with or without planning approval in place.

Get some great insights from one of our commercial finance specialists, call us on 0203 397 4871 or apply online

Suitability

WHO ARE BRIDGING LOANS SUITABLE FOR?

Bridging loans are suitable for anyone who is looking to purchase residential or commercial property, regardless of the current condition. They are also suitable when it is initially challenging to secure a traditional mortgage. As long as there is a clear exit strategy in place and an asset to act as security, applications will be considered by Novellus for unregulated funding.

If a buyer has to make a quick decision on a purchase, bridging loans are a viable option to consider. This may include buying at auction or cash purchases. They are also suitable for developers looking to buy land, with or without planning already attached to it, as well as for investors looking at large projects or mixed development.

They are an option when banks are not in a position to fund the borrower’s project, or if finance is needed fast. Although the interest rates are higher than in traditional finance, they often act as an important bridge providing time to secure the necessary long-term funding.

Novellus provide unregulated bridging loans ranging. Starting from £500,000 with no upper limit. Whilst most loans with Novellus are based on an LTV 50 – 70%, we can discuss applications on their individual merits.

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
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 1-2 weeks from the application

Funding is underwritten on a case by case basis, which means quick decisions and a swift, easy process
Normal loan term is generally between 6-12 months
Early repayments can be made without incurring any early repayment fees
If you have bad credit, we can help you obtain a loan, thanks to our flexibility with credit status

Accessibility

WHO CAN APPLY FOR A BRIDGING LOAN?

Anyone can apply for a bridging loan who has a high-value asset to act as collateral and an exit plan in place.

We offer a stress-free application process, with no fixed criteria or credit committees involved.For more information simply call us today on 0203 397 4871 or fill out our form below.