Bridging Finance is often taken out where funding is required at short notice, for example, buying a property at auction. However, it has many other uses, the most common being:
Purchase one property before completion on the sale of another.
Fund the purchase of a property in need of refurbishment and possibly un-mortgagable in its current condition. The property would then be re-financed after the improvements have been completed.
The list of possible uses is virtually endless, but they often have two elements in common; they are required at short notice and for a short period of time.
Bridging can be either on an “open”1. or “closed”2. bridging basis. We have access to bridging schemes through associate companies that will meet this need, while RM Mortgage Solutions arranges longer term funding to replace the ‘bridge’ once the purchase is complete.