Evolve Finance

In general terms, a bridging loan is a short-term loan secured on property or land, it could be used for a property you intend to purchase, a property you already own, or a combination of both. The term of the bridging loan may range from three to twenty-four months.

Bridge loans can be used for almost any purpose, such as property development projects, buying and selling properties or buying one property before selling another. An exit strategy should always be considered before applying for a bridging loan as this will be a requirement of any bridging lender, an experienced bridging loan broker can help you with this.

When compared to traditional mortgages, bridging finance in Scotland can be completed quickly and can usually be repaid early without incurring any early repayment charges. They are popular among property developers, landlords and investors, due to the fact that completion can be fast and a percentage of the refurbishment costs can be included in the loan.

Yes, there are circumstances in which it is possible to borrow up to 100% of the cost of buying property or land.

Some of these circumstances are as follows,

1. When the property or land is purchased below market value.

2. When you offer an additional security property in order to borrow the full amount of the purchase price.

3. When the property or land you are buying has increased in value due to planning permission being granted, this is known as a planning gain.

Most bridging lenders generally require applicants to submit their applications through an experienced broker, with over 30 years experience and being based in Scotland with a complete understanding of the Scottish property finance market we are ideally positioned to guide you through the application process.