How long does a bridging loan take to come through? This is a question many people ask when they are thinking about applying for this convenient short-term finance option. The amount of time you’ll have to wait for your cash can depend on various factors. These can include who you’re borrowing from, how much you need to borrow and so on. In most cases, you won’t have to wait quite as long to receive the funds compared to many other forms of borrowing. Understanding how long a bridging loan takes to come through helps when considering fast bridging loans for urgent property purchases
When will I get my bridge loan cash?
It normally takes anything between a few days and a few weeks to get the money after you’ve successfully applied for a UK bridge loan. Not all lenders are the same, and some are known for paying out quicker than others. There are some things that could speed up the process, such as getting a desktop valuation of the property involved in the loan.
Could I get my bridge loan within a day?
Some brokers and lenders claim that borrowers can get access to bridging funds within just one day. Although this can happen, it is a very rare occurrence. You’ll normally need to wait at least a few days to see the funds land in your account. A large number of borrowers get access to their money the week after they put their application in. You might be able to get an agreement in principle arranged within a day or two, but it will usually take a little longer to actually access the cash.
Bridging loan applications: possible delays
There are some things that can slow down the process of getting access to your funds after you apply for a bridging loan in the UK. These can include the lenders carrying out additional checks and needing more information from you. If you need a property to be surveyed and valued in person, this can also slow the process down. This is why a desktop valuation can be so helpful when you need to access the funds within days rather than weeks. Legal searches can also slow the process down as it can take around a fortnight for them to be completed. Title insurance may be used instead of these searches to speed things up.
Will I have to pay more if I get my money quickly?
The things that can slow down the process are carried out to reduce the amount of risk the lender is taking on. If you are able to get the cash quickly, this can mean more risk for the lender as they’ll know less about you and the property. Getting quick access to the cash can therefore mean paying more for your loan. If you’re in a position to wait a little longer, this can reduce the cost considerably. Get more information here about Bridge Loan Direct fast finance
What can be done to make the process a smooth one?
Everyone involved in arranging the loan can contribute to making the process a quick and smooth one. There are several things your broker and lender can do to speed things up, and you can also help by providing all the documents that they need to push things forward. This means giving them access to your ID quickly and showing evidence of a strong and convincing exit strategy as soon as you can.
What documents do I need to provide?
You will normally need to provide proof of ID as well as your exit plan or strategy. The specific documents you’ll need to offer can vary from one lender to another. Some lenders have different criteria than others and this can determine the kind of evidence that they are looking for. Try to send over all the documents you’re asked for as quickly as you can to prevent delays.
Getting a solicitor
Getting an experienced and suitable solicitor in place can also speed up the process. Make sure the legal professional that you’re working with has sufficient experience in working on transactions like this. Ideally, your solicitor will have specifically dealt with bridge loan finance in the past. Ask them about their experience in this area to get the peace of mind you need and let them know about any deadline that you have in mind. Don’t hesitate to ask them about their current duties to ensure they have enough time to work on your case effectively and promptly.
Other things you need to ask
There are some other things you’ll need to find out when you are arranging bridge loan finance. Ask if search indemnity policy is enough and if full searches will be needed. You also need to ask what the underwriting requirements are and if you need to provide a comprehensive valuation report.
Get the bridge loan support you need
If you have been wondering about how long does a bridging loan take to come through and need the support of an expert broker, talk to Bridge Loan Direct today. We are proud to have many years of bridge loan finance experience behind us and work with more than 300 different lenders to ensure that our clients needs are met. We are passionate about ensuring your transaction runs as smoothly as possible, and we’re only ever a phone call or message away if you do have any queries about how things are progressing. You can also find out how much a bridging loan is likely to cost by using Bridge Loan Direct bridging finance calculator
