Open Bridging Loans

Table of Contents

Welcome to Fast Forward Finance

Fast Forward Finance is an experienced short-term finance broker that arranges short-term bridging loans to eligible individuals and businesses. 

Our bridging loans are available for commercial and residential clients and can be used for a wide range of purposes such as for property investments, property renovations, equity release, quick business capital, auction purchases, development finance, debt servicing, tax purposes, and to raise immediate funds for any other reasonable requirements.

We operate across the UK and have the experience to arrange fast bridging finance. We can often get bridging loan approval on the same day as long as the lender’s criteria are met. We are fully approved and regulated by the FCA, and ensure that your data is kept private and that the advice we give is in your best interests. Our company has helped thousands of customers solve their cash flow problems by helping them arrange bridging finance. Call our experts today on PHONEXXX to discuss an open bridging loan.

What is an Open Bridging loan?

An open bridging loan is a short-term finance product that is used when a borrower doesn’t have an exact timeframe for settling a bridging loan. For example, if you need to raise money to buy a new home but need to sell another property in order to pay for the bridging loan and you don’t exactly know when the sale will go through, you’ll typically need to apply for an open bridging loan product.

Since open bridging loans are riskier from the lender’s point of view, the approval rates for this type of financing are lower than for closed bridging products. Actual borrowing costs may also be significantly higher if open bridge financing is required.

It is therefore important to present the finance application in the right way and to understand the bridging loans that will offer the most competitive interest rates. Speak to our bridging loan team today if you are in this situation and need some advice.

A Proven Track Record of Providing Bridging Loans

At Fast Forward Finance, we specialise in organising standard and complex bridging finance. We are well connected in the industry and understand lending and underwriting criteria of the different bridging loan lenders. Our finance specialists will provide expert advice and information and will study your unique situation and help you find and apply for the most suitable bridging loan for your circumstances.

Whether you are looking for cash to property purchase, for property renovations, to buy equipment purchase, for home improvements, or to inject some business capital, we can guide you through the process.

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Our Bridging Finance Specialist Team

Our dedicated team of bridging finance brokers have the experience and professional relationships to work closely with specialist lenders. This enables us to find and arrange bridge loan facilities, even for large loan amounts up to £150 million.

Our bridging loan team knows that a quick turnaround can be critical. Therefore, working closely with our network of lenders, we can help you find the bridging finance solutions you need fast.

Open vs. Closed Bridging Loans

Open bridging loans do not have a fixed term and therefore interest is calculated in a different way to closed bridging loans. Closed bridging loans have a fixed duration and so interest can be calculated in advance of the loan being taken. Open bridges are usually more expensive than closed bridges because they offer more flexibility. Regardless of whether you choose a closed or open bridging loan, it is ESSENTIAL that you have a solid plan to repay the bridging loan – this is called the exit path.

Apply for Up to £150 million with Fast Flexible Open Bridging Loans

If you need quick cash to meet business or personal financial commitments, Fast Forward Finance may be able to help you raise the funds you need. We can take you through the open bridging loan options over the phone and discuss the options.

We always make it clear how much a bridging loan will cost you so that you can decide whether to proceed. At Fast Forward Finance, we are regulated by the Financial Conduct Authority and follow processes that meet all regulatory requirements for bridging loans. Applying for a bridging loan is easy with Fast Forward Finance. Our bridging loan broker service is a quick and stress-free process and funds could be with you in 7-21 days. You can contact us online or give our bridging loan advisers a call on PHONEXXX.

Open Bridging loans for your Open finance needs

We are a leading broker in the bridging finance market and have more than XXX years of experience in the financial services industry. We have organised open bridging and development loans that have helped property developers, property investors, financial intermediaries and many other companies and individuals when they have needed cash in a hurry.

If you own land or physical property with sufficient equity and have a realistic plan on how to repay the loan, we may be able to help you get an open bridging loan to meet your cash flow problems. Call our bridging loans experts on PHONEXXX for guidance.

Why use Open Bridging finance

If you are a property investor or developer, bridging loans gives you additional bargaining power when buying land or a new property. When you have bridging finance at your disposal, you can make cash offers for the property and negotiate the price down.

Bridging loans are much more flexible than mortgages or traditional financing, which means that we can find loans for older and retired borrowers or even borrowers with high net worth but limited or uncertain income. Open bridging finance gives you peace of mind of a longer-term repayment, combined with the option of paying off the loan early without any exit fees.

Who are Open Bridging loans for?

Open bridging loans are for situations where you are not certain of the timing of exit funding. If a borrower is relying on the sale of a property to pay back the loan, but doesn’t have a buyer in place, or is yet to fix a date for the completion of the sale, we can show you lenders that may be willing to offer open bridging loans with no fixed repayment date.

Note that open bridging loans are generally more expensive than closed bridging loans because of the heightened risk involved for lenders. If you are not sure whether an open bridging loan is right for you, then get in touch with Fast Forward Finance experts to discuss your options in confidence today. Get in touch for a discrete conversation with our bridging loan specialists on PHONEXXX.

Using an Open Bridging Loan to Buy Auction Properties

Open bridging loans can be used to buy a property that may only be available on the market for a short time, such as a property at auction. Your exit strategy may be a sale after the renovation of the property or getting a buy to let mortgage.

If you are unsure when the money from the sale of your property will arrive, or a mortgage approval is likely to occur, then going for an open bridging loan may be the best option. Bridging loans can be very useful when your mortgage provider is taking longer than you had expected to complete the mortgage.

How Open Bridging Loans Can Help Your Business

Open bridging loans can be used to buy business equipment or carry out business expansion plans with the assurance that the expected business profit will pay for the loan, or where the business owner is working longer-term finance options. As a business owner facing an unexpected financial crisis that requires an immediate but short-term liquidity injection, a bridging loan may help. This form of finance is usually secured against tangible assets, such as property.

An open bridging loan also makes it possible for you to conclude a vital transaction that may otherwise be difficult or impossible to complete. Bridging loans enable you to access cash and have some breathing space and time to organise long-term financing from banks and mortgage lenders, or to complete the sale of a property without time pressure.

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

Like all financial products, bridging loans are more appropriate for some applicants than for others. The key is to make sure that you take out a loan for the right reasons and that your exit strategy is solid. Taking a bridging loan without a viable exit leads to problems down the line.

Our bridging loan experts have the experience to help you avoid bridging loans mistakes. Our advisers will work with you throughout the process to ensure that the financial product you choose is right for you.

Get in touch today to explore your open bridging loan options with us on PHONEXXX.

What’s the typical interest rate for an Open Bridging loan?

Interest rates on open bridging loans are normally a little higher than other financing options. Bridging loan interest is normally calculated monthly rather than annually. Interest rates typically start from as low as 0.43% per month, but there are also rates that are around 0.7% to 0.8% per month, with loan contract fees varying from 1.5% to 2%. Bridging loans don’t normally have exit fees, but make sure you are clear on all fees before you take a bridging loan.

Bridging loan’s interest rates and fees depend on the bridging loan lender, the amount lent, the equity level of the property, the credit history of the borrower, the exit strategy, and the specific loan circumstances. If you are unsure whether a bridging loan is right for your circumstances, call us on PHONEXXX and talk to us about your needs.

Understanding the fees involved in an Open Bridging loan

You may be required to pay fees in addition to the loan interest payments. At Fast Forward Finance, we do not charge you huge broker fees, and there are occasions when we do not charge anything at all, although this depends on whether or not the preferred lender can pay us a fee upon completion of the loan agreement.

Some associated costs that you should be aware of include a valuation fee for the surveyor who will value your land or property, an exit fee (for lenders that charge early exit fees) and a legal fee (which is generally paid at a fixed rate). Other fees may apply, so make sure you understand all the costs before deciding whether bridging funding is right for you.

What are the Term Lengths for an Open Bridging Loan?

An open bridging loan is ideal when you are not certain of the time you will get the funds you need to repay your debt. Unlike a closed bridging loan, which is only required for a short-term period with a fixed term, an open bridging loan is not expected to be repaid within a specific time frame. Open Bridging loans tend to last for 3 months, 6 months, 9 months, 12 months, 18 months and up to 24 months.

What are the eligibility criteria for an Open Bridging Loan?

Eligibility for an open bridging loan is primarily based on the borrower offering suitable collateral, usually in the form of property, to secure the loan.

Different lenders underwrite bridging loans with different criteria, but most will be less concerned with the individual borrowing and more interested in the security for the loan and the robustness of the exit strategy. 

If a lender has any doubts about the property you are securing the loan with or your exit strategy, they may go into more detail about your personal or business finances, credit history and want additional documents. Our team of bridging loan experts will be able to assess which lender is likely to fit your circumstances and will guide you on the documents you are going to need to provide.

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

Open bridging finance is typically secured against property, such as the property you are buying or any other property that can cover for the value of the loan, including your residential property. However, the lender may also check your financial situation and credit history to determine if you are a credit risk. The lender will also require a viable exit plan.

If you are unable to meet your repayment responsibilities at the expiration of the loan term, you stand the risk of losing your property. Therefore, you have to be absolutely sure that a bridging loan is the right source of funding for you before you get committed. At Fast Forward Finance, we can look at your loan needs and offer expert guidance that will help you make the right decision.

The Benefits of Open Bridging Finance

One advantage of an open bridging loan is the flexibility of repayments. When you set up an open bridging loan, there is no fixed repayment date, making it easier for borrowers in uncertain financial situations. This is especially useful if you don’t know exactly when you can start making repayments or pay the full amount borrowed.

For example, if you need to take out a mortgage to buy a new home while waiting for the sale of your existing property to go through, an open bridge loan may be suitable for you. Unlike a closed bridging loan, you do not have to provide proof of planned payment date for an open bridging loan. However, you are usually still expected to pay off the debt within the lender’s specified maximum loan term. If you are interested in an open bridging loan, our team of experts can guide you on the options that may be available to you.

What can you use an Open Bridging loan for?

Open bridging loans can be used for a variety of purposes. The most common borrower is buying a property at auction, or has seen a great value property on listings on RightMove, and wants to be a cash buyer to speed the sale and provide bargaining power.

If you need an open bridging loan, we can introduce you to lenders with products that you may qualify for, and guide you through the application process.

Why Choose Fast Forward Finance for an Open Bridging Loan?

No early repayment fees

Because we work with reputable lenders, most of the Open Bridging Loans organised by Fast Forward Finance do not attract exit or early repayment fees. However, some lenders may add additional fees. The loan can be used for the purchase, refinancing, release and refurbishment of commercial and residential properties, or for any other reasonable purpose.

Flexible or fixed-term payments

At Fast Forward Finance, we have helped borrowers with poor credit ratings and no proof of income. We look for bridging loans tailored to the individual circumstances and offer expert guidance to help our customers make the right decisions. That sometimes means using bridging loan lenders with flexible underwriting criteria. We can help you present a case for bridging finance to lenders and have them judge the business case on its merits, rather than them looking primarily at your personal situation. Whether you want flexible payments or fixed payments we can explain the options.

Fast Funding

We understand that a delayed bridging loan can jeopardise your transaction. Knowing this, we work hard to make sure that the lender releases the funds for your bridging loan at the earliest possible time. Most of our bridging loans are completed, with funds released to your account, in 7-21 days.

We’re easy to work with

Our friendly staff will be happy to answer your questions and will endeavour to keep you up to date through all phases of the lending process, including any requests for details about the case.

Customer Service

Our professional and caring staff strive to deliver only first-class quality and comprehensive financial services. This is one of the top priorities of our company.

Transparency at every turn

Fast Forward Finance is proud to offer an uncomplicated, transparent and flexible bridging loan service that ensures that, when you take a loan, it is tailored to your needs.

Follow the FCA rules

Fast Forward Finance is fully authorised and regulated by the Financial Conduct Authority. We comply with all FCA rules and work only with lenders that meet FCA specifications and compliance standards.

Dedicated Loan Account Managers

At Fast Forward Finance, we provide you with a dedicated account manager for your bridging loan. You will have direct access to an expert who will understand the specifics of your situation and application so that you do not have to repeat your information more than once.

Some of the Sectors we lend to:

  • Retail Businesses
  • Bars & Restaurants
  • Hotels and B&B
  • Hair & Beauty
  • Dentists & Opticians
  • Vets
  • Auto Garages & much more

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How does the application process for an Open Bridging Loan work?

When applying for a bridging loan, you must show a good exit strategy to allow a lender to give you money.

Typically a bridging loan application consists of the following steps:

  • We will carry out an inquiry into your personal and financial circumstances as soon as the initial application is made.
  • We’ll ask for your exit strategy details analyse it and request proof of it.
  • We will locate the perfect lender and ask them to begin the application process· You will obtain a conditional offer after completing the application process.
  • The request will then be forwarded for completion to the lawyers.
  • If your loan application is approved, validation and release of funds will occur shortly after, but it is helpful if you know how lending works, as well as have a good credit rating.

How to apply online for one of our Open Bridging Loans

We have made the whole process so easy and convenient for you, our client. Simply use our online application form to make your loan application. We review all online loan applications around the clock, and customers who meet the credit and affordability criteria benefit from short loan transfer times, including holidays and weekends.

Nobody likes to wait until the application is successful, and nobody likes to wait until the check is sent after approval of the loan. Fortunately, if you meet the basic criteria, you can quickly get a loan and deposit it on your account within minutes or hours from the date of approval. Having said that, here is how our open bridging loans application works.

Simple Qualifications

Qualifications for a bridging loan are different because it is a special loan product. However, at Fast Forward Finance, we look for lenders who are more concerned in the investment strength and profitability than in the borrower’s credit and financial history.

We also endeavour to arrange with lenders who give out short-term loans based on a simple qualification process, so almost everyone can get the financial help they need.

Easy Application Requirements

Our requirements for applying for tax bridging loans are quite simple. You must provide proof of income, the use of the loan and a verifiable repayment plan, also known as an exit strategy.

Call Fast Forward Finance at PHONEXXX to find out if we can tailor the requirements for you.

Super-Fast Approvals

Regardless of whether you want to raise the capital needed to finance the purchase of a new property, or you need an open bridging loan that is protected against the equity of your own home, we will look for loan products that fit your situation and guide you through the application process so that your loan application is approved quickly.

Want to check your eligibility before you apply for an Open Bridging Loan?

We don’t believe in making it difficult for our customers. For this reason, we have created an eligibility test system that you can use to check whether you are eligible for a bridging loan before applying.

You can check your eligibility status by clicking on the appropriate link or sending a short email to EMAILXXX. Someone will respond to you as soon as possible with the eligibility form.

Still have questions?

Here at Fast Forward Finance, we take your privacy seriously and use your personal information to contact you regarding your request. We will not use your data for marketing purposes.