You can get a bridging loan from a direct lender or apply for a loan through a broker. It is pretty quick and easy to apply for a bridging loan. You can apply online and provide all the necessary information.
There are several things that bridging loan providers will assess before approving your loan application. First, you must have at least one property to use as a security against the loan. If you want to get a huge amount, you may need to use more than one property to use as collateral.
Unlike traditional mortgages, you can use any property to secure a bridging loan. The lenders also require a liable exit plan. It shows how and when you will repay the loan amount.
A bridging loan application is usually approved within 24 hours. Once the application is approved, funds will be transferred to your account within two weeks. This time is required for the valuation of your property, lenders to do their checks and transfer money.