Our Bridging Loan Process
Find out about our 8-step bridging loan process
Rapid Bridging Ltd are dedicated to supporting you at every stage of your application for a bridging loan. However, it’s vital that you personally understand the bridging loan application process, so we can help determine the ideal product for your needs.
Our 8-step ‘Bridging Loan Process’ guide below explains the process, timescales and requirements for a typical bridging facility:
The borrower appoints an appropriate solicitor to act on their behalf. Ideally the selected solicitor will have relevant experience of bridging facilities.
We discuss with you the nature of your short-term finance requirements, the security you are able to provide and your planned exit strategy and timescales.
Our team uses this information to identify the optimal Lender for your specific needs.
We then provide the Lender with all the necessary information required for their credit risk assessment and approval.
They will consider your current portfolio and assess whether enough equity is available to act as security for your new bridging loan.
Once the Lender is satisfied with the proposal, they will approve the application and instruct a valuation surveyor (to confirm the value of the equity) and will issue you with an offer letter.
This offer may be conditional upon the outcome of the valuation.
Once your solicitor is satisfied with the outcome of their due diligence, they will explain the terms and conditions of the bridging loan agreement to you.
Having received this Independent Legal Advice, you will now understand exactly what you are committing to and as such are able to sign the bridging loan agreement and enter into legal contract with confidence.
Upon completion of your planned short-term finance application, the Lender will release the borrowed funds directly to your solicitor, who will carry out the required disbursements, thus completing the transaction.
The borrower repays the bridging loan as per the agreement, either in instalments or as a lump sum. Once the full amount is repaid, any legal charge (mortgage) over your assets, used as security, is released.