Can you extend a bridging loan?
It is often possible for a bridging loan to be extended.
This will be at the lender’s discretion so the reason why the extension is needed and the revised exit plan will be key to how they look at the options.
If the lender is agreeable then they are likely to charge an extension or arrangement fee.
Otherwise you will be looking to refinance to an alternative lender. If this is still to be a short term loan then a re-bridging product would be needed.
HOW CAN WE HELP?
Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.