Never miss out on Buy-to-Let opportunities with our fast and flexible Bridging Loan products
As a trusted independent lender, we use our own capital so can make faster decisions and be more flexible than many other lenders. We also have some of the best bridging loan options on the market exclusive to us. Our approach means if you have an opportunity that’s financially viable – we have the funding to support you with it.
We underwrite on a case by case basis with no restriction on criteria. We are a ‘common sense’ lender and can make swift decisions, making the whole loan process very simple for the borrower.
Call 0208 191 2891 or apply online for a fast loan quote.
At Novellus, you’ll find a lending partner in whom you can trust, with a swift and professional service and unrivalled flexibility on rates. We look to provide a viable funding solution that works for all.
Buy-to-let property has been an established option for property investors for many years. However, getting finance to purchase these types of properties can be challenging, as the criteria for buy-to-let mortgages can be quite comprehensive.
Mortgage lenders will only lend to investors who can afford to take the risk on of buy-to-let investments. This includes being able to cover the costs of the mortgage during a tenant-free period. Lenders require borrowers to be earning over a certain salary and have an excellent credit record without being over-stretched on other borrowings.
Raising deposits for buy-to-let mortgages can be a challenge for a borrower. Novellus can be flexible in taking into consideration the specific circumstances around the asset and borrower when issuing terms. Due to the strict guidelines, a buy-to-let mortgage can take a long time to be approved, which is one of the reasons property investors turn to a bridging loan for buy-to-let properties in the first instance.
The borrower can pay off the loan at any time within that period without incurring any early repayment fees (save for the interest payable during the repayment notification period).
A buy-to-let loan is another term for a bridging loan that will be specifically used to buy a property to rent out. Investors can buy any rental property with a buy-to-let loan, including residential and commercial. This type of funding is a short-term option that helps bridge the gap while organising long term finance.
The buy-to-let market is very competitive and when property investors spot a good deal, they are always looking to make a quick purchase, as they may risk losing out to someone else. Buy-to-let loans are usually approved within a short timescale allowing property developers access to funds for purchases quickly.
Properties that could be viable as a buy-to-let often come available through auctions, although they may require extensive refurbishment before being rented out (often falling outside of many lenders criteria). Bridging loans can be used when buying properties at auction which are presently not habitable. Unlike most traditional mortgage lenders, the application process for bridging loans does not typically discount uninhabitable properties.
If investors are struggling to raise funds, using a bridging loan for buy-to-let deposits ensures that the borrower does not miss out on any good deals, whilst also providing a greater time frame to secure long-term finance.
Novellus offers a stress-free application process.
For more information simply call us today on 0208 191 2891 or complete our form for a fast call-back.
Request your no-obligation bridging loan quote today to see why were so highly rated.