More commonly known as a bridging loan this is usually taken out for no more than 24 months. We can source regulated or unregulated short-term (bridging) loans from numerous specialist short-term lenders. Short-term lending criteria is typically based on the asset and each individual’s circumstances. The loans main purpose is to ‘bridge’ a short-term financial gap where funds are needed quickly. The primary uses are for clients looking to purchase property where other funds or a traditional mortgage aren’t available. For example, this could be if you’re looking to buy a new home and your property hasn’t sold yet and creating a break in the purchase chain could save the chain from collapsing; if you are purchasing a property at auction and require funds much faster (30 days is usual for a completion from the fall of the hammer) than a normal mortgage could realistically deliver; raise funds to refurbish a property that isn’t in a mortgageable condition (no working kitchen or bathroom) or as development finance for a building project. The Amount you can borrow is based on the value of the asset (property) rather than being assessed on an affordability basis like a normal mortgage.