When dealing with property related financial transactions, time is everything as delays cost money and can lead to you missing out altogether. In the right conditions, a bridging loan could be granted within 24 hours with funds in your bank in as little as 48 hours, or 2 working days.
Explaining the ’24-hour’approval
When people think of ’24-hour’ loans, it is important that they understand what this actually does and does not relate to. When we mention ’24 hours’, this relates to the time we can complete procedure such as:
- Assess the viability of the case given to us
- Review security to be used for the loan
- Confirm how the loan is to be reimbursed (exit)
- Check into credit, not always needed, to offer an informed decision
It must be stressed that we are not in any way implying that the money will be with you in 24 hours. There are a few different checks needed such as obtaining valuation and going over legal work. When and if those are deemed to be in order, we can complete the release of funds – we typically are able to do this within 48 hours.
Speed matters in the world of bridging
If you are in a situation where a delay could be catastrophic to your plans, bridging finance is the best avenue to go down.
Common real-world situations where bridging could come into play:
- Auction purchases where a fixed deadline needs to be upheld
- Making sure a buy/sell property chain doesn’t end up collapsing
- Needing to refinance urgently
- Rescuing distressed property or stopping a repossession order
- Cash balance injection for critical business day to day running costs
Our fast track process works in your favour
Step 1: Same-day review and approval for credit
- Initial case enquiry reviewed and checked immediately
- Security plan, exit, and LTV sent for review to underwriters
- No-obligation approval given within 1 day if requirements are metal met satisfactorily.
Step 2: Handling the legal work
- Remote or site-visit valuations commenced and completed
- Solicitors instructed early so to avoid delays
- Title reviewed for any key risks
Step 3: 48 hour fund release
- As soon as the legal checks are satisfied, your funds can be quickly deposited into your bank.
- If your case is less complex, the approval process to release your money can take place in just 48 hours.
How is it possible to get approved so quickly?
Getting fast approval isn’t for the case in every deal. The clarity and certainty of your application affects how quickly things can be completed.
Fast-track bridging works most optimally when:
- Land is either residential or semi-commercial.
- Ratio of the loan amount to the value of the property is low.
- Ratio of debt to asset value is low.
- Your intended plan for paying back the loan is clear and credible.
- A borrower can quickly get the loan papers signed.
- A borrower is quick to respond and keeps things in order.
Standard vs. bridging – assessing financing options
Bridging finance works on a completely different remit and schedule to high-street lending.
Usual time frames:
- Credit approval: Within 1 day
- Fast-track: Usually done in just 2 days
- Standard bridge completion: Often can take between one and two weeks
- Traditional mortgages: A few weeks or months to get completed
This emphasises just why bridge loans are the most popular option for quick finance needs.
What is the cost implication of fast bridging deals?
Speed requires resource and that’s reflected in the costs you will have to pay on the loan arrangement.
Borrowers should expect:
- Competitive monthly interest rates for short-term lending
- Standard arrangement fees
- Legal and valuation costs
- No hidden “rush” fees for fast approval
The key benefit is efficiency, outweighing inflated pricing.
Borrowing amounts applicable
Fast approvals don’t change lending fundamentals.
Most rapid cases can be taken on if they have:
- Up to 70–75% LTV
- Higher borrowing possible with additional security
- Net and gross loan structures available
Deals which hold less of a risk to the lender tend to move along faster.
Who benefits from quick bridge loan
Here are some scenarios of the type of people who might need fast approvals:
- Property buyers
- Landlords
- Business owners
- Developers
- Experienced buyers who need to buy quickly
First-time borrowers can be accepted as long as the deal is not overly complex and there is a simple route to repaying.
Exit plans matter the most
Even if approval comes about quickly, a clear exit plan is still needed. Some common ways to repay, or exit, would be:
- Property sale
- Refinancing with a long-term mortgage product
- Sale of another asset to cover the loan repayment
- Business cash event
Having your exit clear and well-thought make it easier and quicker for you to decide what you want to do.
If you need a bridging loan check doe within 24 hours, speak to a specialist who can quickly assess the details of your case immediately and give you a clear, honest timeline, without the usual vague promises.