- What is a non status bridging loan?
A non status bridging loan is simply a short term loan that is offered regardless of current income or credit history.
All that is required to obtain a bridging loan is equity within property that the lender regards as enough to ensure repayment is possible. Your current circumstances will generally be disregarded as long as an acceptable exit strategy for the bridging loan is available such as the sale of the property or refinance via a long term mortgage.
The thing to note here is that market conditions will dictate what is acceptable to a a lender. For instance, where property sales are poor then waiting for the sale of any particular property may not be an acceptable method of repaying a bridging loan where a high loan to value is required.
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As "bridging loan brokers" we have successfully arranged short term funding of many property related deals for our clients. Here are just a few bridging finance case studies that you may find of interest [more details].