Closed Bridging Loans

Table of Contents

Welcome to Fast Forward Finance

Fast Forward Finance is a fast growing UK-based bridging loans broker with offices in LOCATIONXX and other parts of the UK. At Fast Forward Finance, we offer you access to the UK bridging lending industry as a whole.

At Fast Forward Finance, we are experts when it comes to securing fast bridging loans on residential, commercial, and land properties. So, if you are in the market for a closed bridging loan, don’t hesitate to get in touch with us for prompt and professional service.

A Trusted Capital Source for Over Xnumber of Businesses

We are an independent UK-based bridging loan broker and have become a reliable source of bridging loan products for a large number of UK businesses.

We aim to provide the experience of a simple, quick, and professional loan transaction.
Our extensive panel of trusted lenders enables us to provide the very best bridging loan rates available today.

A Proven Track Record in Providing Bridging Loans

Fast Forward Finance has a proven track record when it comes to fulfilling the transactional and funding needs of our customers. Our approach combines market knowledge and business know-how with proven closing expertise.

We have a long-term active partnership with well-funded sources of funding and with private decision-makers. So, whatever the financial needs of your business are, our commitment to detail provides a tremendous benefit in obtaining tailored and personalised loans.

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Our Bridging Finance Specialist Team

Our team of experts strives to bring tremendous experience to the problem of managing major bridging loans. Our staff has helped a large number of companies gain financing for a number of uses in the short term. If you feel that bridging finance is something you’d consider, or just want more information, please feel free to contact us for a free consultation with a member of our specialist team.

What is a Closed Bridging loan?

A closed bridging loan is a short-term funding offer with a simple exit plan at the end of the funding period. For example, if you take out a £100,000 bridging loan for a property refurbishment project and you know that after the project is complete you will regain the entire funded amount, then you will usually need a closed bridging product if you need cash to finance the project.

Closed vs. Open Bridging Loans

As one would imagine, a bridging loan has one central factor that determines if it is closed or open, and that is whether or not the borrower has a straightforward, scheduled and coordinated plan for repaying the loan.

Where there is a time-based exit plan in place, then it is a closed bridging loan; if not, it would be an open bridging loan. These exit strategies could include the selling of another house, a mortgage acquisition, or when income is due at a certain date.

When you know for a fact that you’re going to have the money to pay back the debt and can show that to the lender, you could qualify for a closed bridging loan. Lenders typically require a very comprehensive exit strategy, normally with a full due date, before they are able to approve the loan. The same doesn’t apply to open bridging loans.

If you want a bridging loan, closed or open, we may be able to figure out something for you. Why not get in touch to discuss it in detail?

Can you get an Unsecured Closed Bridging Loan?

Unsecured bridging loans are more difficult to get hold of because lenders usually insist on securing the debt against any sort of property asset. We may be able to offer this product for qualified candidates.

Borrow up to £XXX with Fast Flexible Closed Bridging Loans

With Fast Forward Finance, you may be able to borrow up to £XXX, and you can choose between a 3- to a 12-month repayment period. You may have the flexibility of charging the instalments weekly instead of monthly if you wish.

Closed Bridging loans for your Closed finance needs

A closed bridging loan is a short-term financing programme primarily designed for lenders who have a precisely defined exit strategy that will be activated at a specific date.

When you need fast funding for one purpose or another and you have a straightforward and viable exit plan, we may be able to provide you with a loan package suited to your finance needs.

Why use Closed Bridging Finance?

Bridging loans are ideal when borrowers are in need of quick cash to “tide them over” (usually for just a few weeks or months) until they can arrange alternative and long-term financing. This could involve the selling of an existing house or the execution of a new land mortgage deal.

Closed bridging loans also have lower interest rates, and are more likely to be approved by lenders than open bridging loans. This is because closed bridging loans offer lenders more confidence and stability in repayment. Nevertheless, the financial penalty may be very severe if borrowers do not follow the conditions negotiated as part of a closed bridging loan.

Who are Closed Bridging Loans for?

The biggest distinction between the various repayment plans for an open or closed bridging loan is when the loan payment will be made. Whereas an open bridging loan is expected to be paid back if and when the borrower feels they can afford it, a closed bridging loan must have a set maturity deadline.

If you are trying to unlock the equity in a property that you own and have already signed contracts, then a closed bridging loan is correct for you and can be negotiated to make the final repayment date coincide with when your property sale or mortgage will be finalised.

When Should you use a Closed Bridging Loan?

If you have previously agreed to a date when the sale of your current properties should be completed, you can apply for a closed bridging loan to handle pressing projects.

That form of bridging loan is primarily available only to property owners who have already started and exchanged contracts on the sale of their property. Lenders have no problem approving this type of loan because they are less risky than open bridging loans.

How Closed Bridging Loans Can Help Your Business

A bridging loan, also known as bridging financing, is an alternative for short-term lending and may be the ideal solution for many businesses. Acting as an actual bridge, it helps you avoid financially troubled waters in times of slow business when there is a need for cash to handle building projects, or simply to buy inventory or pay taxes.

Certainly, the speed with which a bridging loan can be facilitated is a huge plus for business financing. For example, when an irresistible business opportunity presents itself, they can be of great help to your company.

Bridging loans can be approved fairly readily as long as you have a reasonable repayment plan in place and can pass the qualifying requirements of the lender.It is also a good option for those who have been refused certain forms of financing, as a loan that does not necessarily require a credit check.

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How to get the right Closed Bridging loan for your business?

Having the right closed bridging finance will be a challenge for your company unless you know which the best steps to take are. A minor error in your path to secure a closed bridging loan will lead to tremendous financial costs for your company. This is where a qualified bridging loans broker comes in.

We aim to provide expert support here at Fast Forward Finance in finding the best financing for you. We have the right lenders in our network and our brokerage company is there to help you find the right supplier for your case.

What’s the typical interest rate for a Closed Bridging loan?

Depending on the situation, the interest rates on bridging loans vary from 0.49% to 1.5%. Each criterion for the lenders is different as are their calculations of affordability. The best way to check the market as a whole is through a professional bridging loans broker who can consider the situation and find the right lender to suit your unique requirements

Closed Bridging Loan Calculator

With so many new bridging finance lenders entering the market and their price and fee discrepancies, finding the best offer becomes more difficult. That’s why we’ve created an easy-to-use comparison tool so you can easily go through the leading products on the market and use our bridging loan calculator to work out the likely costs.

Our bridging loan calculator is simple, user-friendly and represents current industry prices. You should, however, get in touch to explore developing a tailor-made loan package for your needs.

What kind of fees are involved in a Closed Bridging loan?

Your initial consultation on a bridging loan is always free of charge. However, depending on the complexity of your closed bridging loan needs, there might be a fee for the advice and agreement service provided by the broker.

The borrower is usually responsible for the legal costs of the lender as well as for the valuation of the land. The costs vary and are usually linked to the property’s value. Also, it is always the borrower who is responsible for their own legal bills. All these may seem overwhelming, but no worries. All the fees and payments will be negotiated with you and settled upon before you apply for a loan.

What are the Term Lengths for a Closed Bridging Loan?

These are, by nature, short-term loans. As such, they’re usually offered for periods ranging from a few weeks to 12 months. Depending on the exit plan and conditions of the borrowers, there are choices for longer terms too.

A closed bridging loan may be more suitable for such cases where a definitive end date is set. When you don’t have an end date in mind, though, an open bridging loan may be a safer choice but will cost more; so keep that in mind when making your decision.

What’s the eligibility criteria for a Closed Bridging Loan?

To qualify for a closed bridging loan, you must meet the eligibility requirements, and these requirements can vary among lenders. To apply for a short-term loan with Fast Forward Finance online, you must be a native of the UK and be at least 18 years old.

You must be a landlord or a business owner or employee and earn enough money to be able to repay the loan. How much you will get then depends on your credit score and at what cost. You will also have a property or properties that can be used to secure the closed bridging loan against default. You must also show proof of a viable exit plan and when it will be activated. All this is to ensure you can meet the repayments agreed upon. Some lenders may also determine your credit score as part of the eligibility test.

What type of security can I use when applying for Closed Bridging finance?

Bridging loans seek to provide a conventional loan process in which decisions are made based on the merits of the provided security and a suitable exit plan rather than the credit rating of the applicant. To this effect, having property that can be used as security will reduce the possible risk to lenders, which will improve the odds of having the best deal.

The benefits of Closed Bridging finance

The advantages of using closed bridging financing are many, but the clearest of all is the fact that a borrower usually profits from the fact that there are no provisions for early repayment, rather than just one repayment at the loan’s maturity.

Equally, people with bad credit may be able to receive funding easily without their financial history stopping them from obtaining funding. Closed bridging loans are easy to apply for and can be used for a variety of purposes. Closed bridging loans can, in certain cases, be the difference between losing the property you made a bid on and closing on it successfully.

What can you use a Closed Bridging loan for?

Bridging funding is becoming an increasingly common means of financing for those looking to raise capital for the acquisition of property under a tight deadline or to handle other forms of immediate or pressing business needs and personal projects. Bridging finance can be a perfect choice if you’re a small (or large) developer looking to purchase property to sell at a higher price, but you need to borrow money fast.

This kind of loan is also perfect for buyers who need to borrow money to purchase the new house quickly and then be able to pay it off when their other property is eventually sold. Whether you already have an approved mortgage or bridging loan, better known as a first-charge mortgage, and you have available equity in your property, you can still use that to apply for a closed bridging loan.

Why Choose Fast Forward Finance for a Closed Bridging Loan?

Here are a few reasons why you should choose Fast Forward Finance for your bridging loans needs.

Unsecured loans available

Unsecured loans are the form of loans that do not need properties as collateral. It means that if you fail to meet the loan repayments, you don’t have to give up either your car, home, jewellery and so on, which has been used as security.

Unsecured loans, however, tend to have higher interest rates than secured loans because they pose more risk to the lender. At Fast Forward Finance, we can help you explore unsecured bridging loan options and advise you on the right steps to take.

No early repayment fees

Unlike most mortgages or other secured loan options, most closed bridging loans do not involve any early repayment charges. That said, if there happens to be a penalty for early repayment you will be made aware of this upfront during the loan application process.

Flexible or fixed term payments

The loans that we arrange are flexible and customised to particular situations, and you can repay them during the approved loan duration at any time. This means that if you want to do so, you can make an early repayment or you can negotiate with the lender on a particular repayment scheme. Whatever your requirements, we may be able to supply you with lenders who will take them into consideration.

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Fast Funding

When you need fast funding for a transaction, whether for property development, buying to rent or personal purposes, using a bridging loan could be the best solution for you.

Before taking a final decision, make sure to weigh up all your options and contact a broker to help you find the right price on bridging loans.

Fair decisions

When applying for a bridging loan the average lender makes a wide number of inquiries. In most cases, they may reject applications for short-term loans.

At Fast Forward Finance, we deal exclusively with lenders who are willing to make fair and reasonable decisions on applications for short-term closed bridging loans.

We’re easy to work with

One of the advantages of using us as your bridging loan broker is that it’s very easy to work with us. We strive to not take the same approach as conventional loans brokers, which is why more customers are coming to us.

We aim to be approachable, easy to work with, and would take the time to consider your specific financial situation and come up with the plan that best suits you.

Stellar Customer Service

When you need top-rated customer support, you can count on Fast Forward Financing. Our customer service strives to be skilful, friendly and always put the customer first.

We will give you a pleasant user experience whether you want to get in touch and ask questions, apply for a fast bridging loan or check the status of your application.

Transparency Every Step of the Way

Trust is the pillar of any company, particularly a company that deals with financial matters. You can be sure when working with us, that we consistently try to make integrity and openness central to our operation.

Following the FCA rules

We are an independent bridging loan broker but work with rules set up by the FCA. The FCA also regulates all of our lending partners. This ensures that our operations are designed to comply with all FCA regulations as far as loans and credit facilities are concerned so you can trust our clear operation.

Dedicated Account Executives

At Fast Forward Finance, we appoint each customer a dedicated finance broker who will try to explain in detail how a bridging loan operates and what details and procedures are required to submit an application. In fact, the broker will evaluate each particular condition and ensure the best alternative for bridging financing. Your devoted executive account manager will be with you all throughout the loan application process and term until your loan term expires.

Some of the Sectors we lend to:

Some of the industry sectors we broker closed bridging loans for include:

  • Retail businesses
  • Bars and restaurants
  • Hotels and BnBs
  • Hair and beauty salons
  • Dentists and opticians
  • Vets
  • Auto Garages and MOT centres

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How does the application process for a Closed Bridging Loan work?

We offer an easy way to apply and have made registration as clear as possible. Only visit our online application form, enter in all the relevant information and then click Submit. Someone may call you on the phone or send you an email if there is a need for any follow-up information.

It just takes a few minutes to figure out whether you qualify for a short-term cash loan, so you can have the money in your wallet within hours of applying as long as you scale through the lender’s criteria.

How to apply online for one of our Closed Bridging Loans

Applying for a loan with us could not be simpler. All you need to do is apply via our online application form, fill in all of the details that we require, hit submit and we will be in touch with you before you know it with our decision.

Simple Qualifications

The qualification for a bridging loan mainly depends on the strength of the exit. If yours is viable, you stand a good chance of getting a closed bridge loan. From there you only have to worry about securing the best deals. For more information on our application and approval process, contact us today.

Easy Application Requirements

Common criteria such as income and credit check are not that important to bridging lenders. What lenders require is that you are a property owner and over 18 years old and that you can show proof of a reasonable exit strategy. The loan amount is determined and guaranteed by the value of the property.

Super Fast Approvals

Whether you’re after short term closed bridging finance or a bridge loan with a longer term than average, the good news is that these products are super-fast to arrange. In most cases, the lender may even give a provisional offer within a few days as long as all the relevant criteria have been met.

Want to Check your Eligibility Before you Apply for a Closed Bridging Loan?

You can also take advantage of our unique eligibility test to find out if your situation qualifies for a bridging loan. This will tell you if there are lenders who will most likely accept your application based on your personal circumstances.

Still have questions?

Want to check your eligibility before you apply for a Development Bridging Loan?