Banks offering bridging loans

LuFog_2

Hi everyone,

I'm after a little advice with regards to bridging loans.

I'm a little concerned with the banking industry at the moment so which would be a 'safe' institution to apply for a bridging loan from?

How do they calculate the amount they are willing to lend you?

Do you also need a personal bank account with the institution in question?

Thank you muchly in advance! :T

minimike2

Not much point applying to the high street for a bridging loan at the moment as the big banks are not looking to agree them. There are however plenty of specialist companies but you need to see a broker to look about at them for you.

opinions4u

With the housing market in the position it is in, think VERY carefully before putting yourself in a position where you require bridging finance.

koexelek

opinions4u wrote: »

With the housing market in the position it is in, think VERY carefully before putting yourself in a position where you require bridging finance.

Probably OK if a closed bridge, but open ended is very risky

minimike2

As above. Its not a problemif an exchange has taken place....but an open bridge for a pruchase on top of an unconfirmed sale is suicidal in the current climate.

LuFog_2

Thank you for replying, and for wise words of caution as well as advice. Will have a long hard think about whether to go down the 'bridging' road - the mind screams 'NO!!' but my heart strings are well and trully being tugged by a great property.

Thanks again :T

theGrinch

maybe if the OP can post more details someone here and give more specific direction and options.