EG Finance offers commercial loans on many types of commercial property. This can be an office, a shop, maybe a warehouse you own or this could even be a plot of land. Security required is normally a property that you already own or this could be a property that you want to buy.
We can source short term lending or bridging finance for you from our panel of clean and impaired credit lenders plus we have access to some private and bespoke lenders.
EG Finance can assist you with a commercial Loan to help your business with a boost of cash flow injection to purchase stock, business machinery or even a nasty tax bill. Bridging can also be used to discharge a bankruptcy, pay off a bank overdraft or maybe clear a Company Voluntary Arrangements or even buy you time if issued with a repossession order.
For commercial purposes just about any reason is suitable as long as it is legal.
Bridging loans normally range from £25,000 to £25 million and this covers most requests however more can be arranged if the proposal warrants it.
While traditional bank lending remains cautious, a Bridging loan can be the ideal solution for your needs or unusual project.
Need funding For A Residential Project?
We can also arrange residential Bridging on all types of residential dwellings (must be bricks and mortar). Security required must be either be a property you own or one that you are intending to purchase. Finance can be arranged if you live there or it is even i it just an investment property.
Refurbishments are a popular purpose for Bridging finance. These loans will greatly help when a house does not meet the minimum Buy to let requirements, usually meaning the property needs either a part or major refurbishment to make it mortgage-able. Quite often the house has been bought at auction and it’s not currently fit for tenants to move in, i.e. no running water or kitchen.
Flexible Development Finance Available
Development Finance can help with a short term loan for residential and commercial property development. Developments can be a new build or to a conversion to a multiple occupancy. EG Finance can arrange the purchase of the land and then it can help fund the phases of completion.
Occasionally, business people need to get their hands on the cash or equity tied up in your property. This is when a speedy bridging loan could be the answer. Our lenders can often go upto 80% of the property’s loan to value and amazingly, if all is order, funds can be raised in 24 hours.
Bad credit is not necessarily a problem even though it often means you end up paying a slightly higher rate of interest to the lender. They always make their decisions based on the risk of the proposal. A bridging loan may pay off all your bad debts and arrears to possibly rebuild your credit rating.
Usually a property purchased at auction needs the buyer to complete within 21 days of the hammer going down. It is nearly impossible to get a normal standard mortgage so very often using a bridging loan can give you the funds to make your bargain purchase.
EG Finance lends on land with or even without planning permission and we can even provide funding on farm land.
Total Flexibility Is Our Goal
We can arrange second charge bridging loans on all of the above types of situations. This generally means that we can lend to you even if you have an existing mortgage. Occasionally, EG Finance can lend with second Charge even if the first Charge has arrears, current or historical.
The bridging finance application is simple and flexible without the tough normal criteria. Applications can be made for any purpose and will be secured on a residential property, a semi-commercial, commercial property or maybe even some land you may own.
Once your application is received we can get you a “decision in principle” also known as a DIP within 1 hour. After the DIP and the terms have been agreed, EG Finance can assist in filling out the forms for completion.
The next step will be to instruct a chartered surveyor to value the property and if this is all satisfactory, solicitors will be instructed to get the loan to completion.
A bridging loan can complete within 24 hours from the initial application to completion. Usually it takes 3 to 5 working days to complete most loans.