How Fast Can A Bridging Loan Be Completed?

The short term bridging finance market is full of adverts that tell of loan completions within 48 hours or even 24 hours of application.

Without doubt, a non status bridging loan via a specialist lender provides the quickest route to cash for a property purchase or capital raising for some other purpose. As long as the property equity meets current criteria, then the flexible bridging financier will lend!

Can a lender really put cash in your pocket within 24 hours? The answer is a definite yes, but we wouldn't recommend putting yourself into a position where you need to test the service. Why? Because there are too many things that could go wrong!

To achieve these fast loan completions work must have already been completed and be in place that is acceptable to the lender. These include but are not limited to the following:-

• A recent valuation from a surveyor acceptable to the bridging lender must be available.
• Your solicitor must have completed the essential background legal work such as "searches", be in possession of the title deeds etc.
• Solicitors for all parties involved must be ready and available to move quickly. Where a purchase is being made, that will include the vendors solicitor!

Even where everything appears to be in place and lined up, unexpected queries can and do arise that will need answering!

A more relaxed timeframe of 10-15 working days is usual for completing a bridging loan. Yes bridging loans from specialist lenders can provide the cash even on day of application, but if that's your deadline the odds are probably stacked against you! Avoid the above scenario if at all possible, but if events dictate then a bridging loan can meet that seemingly impossible deadline.

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