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Best Bridging Loans with Easy Withdrawal Access

You need money, and our job is to provide you with various options to choose from. Sometimes the challenge is not with getting your bridge loan approved. It is with having easy withdrawal access. In this blog post, we will be exploring the top bridging loan providers. We will also give a brief description of the companies providing these loans. Keep reading to learn more about your bridging loan options. 

What is a bridge loan? 

You may be hearing about this for the first time. Do not worry. We will give you an overview of what bridging loans are. Bridging loans are short-term loans modeled for people who own homes and are suddenly in transition. For example, they are moving from one home to another. This type of loan differs from other loans because they do not finance an existing home. Instead, they help you with the cost of getting a new one.

In the United Kingdom and other parts of the world, the bridging loan market is growing rapidly. In the UK, there are over 20 companies that offer bridging loans with a variety of rates. Let’s explore a few below. 

Best bridging loans with easy withdrawal access 

  • United trust bridging loan

United Trust is a specialist lender of non-bank credit. It provides bridging loans, which bridge the gap between two bills of exchange or assets. These loans utilize a mix of both 1st and 2nd charges to guarantee that the loan sum is secured. Because United Trust has teamed up with the British Business Bank on lending for small housebuilders who require short-term finance, it is one of the first companies to offer such finance.

  • Octopus bridging loans

The third company on our list of best bridging loans with immediate withdrawal access is Octopus Finance. Octopus Finance is a privately owned investment company that provides a wide range of financial products and services to UK businesses. One of these services is bridging finance, which it offers through its OctopusBridge product. OctopusBridge is a short-term loan that is used to bridge the gap between two financial events, such as the purchase of a new property or the refinancing of an existing one.

  • Greenfield Capital

Greenfield is a bridging lender headed by Steve Smith, who started Poundland. They provide both licensed and uninsured loans, with turnaround times of as little as 24 hours for the former and 72 hours for the latter. Greenfield has a strong focus on customer service and aims to provide a personalised service to each of its clients.

  • lendInvest

Let’s speak about some of LendInvest’s other excellent bridge loan alternatives. LendInvest is one of the newest Fintech companies in the United Kingdom, with backing from Skype creator Niklas Zennström’s European venture capital investment fund Atomico, which has a large stake in innovative financial technology. Lending up to £15 million for residential and commercial projects, with terms from six months to three years, LendInvest has funded over £500 million of loans since inception.

  • Oblix capital

Oblix is a leading provider of bridge and growth finance. They provide terms ranging from 0.65% PCM for property investors and builders looking for variable funding of £50,000 to £5m. Loans up to 24 months with a one percent penalty fee in the case of early redemption are available! Oblix has continued to expand its product range and now offers products such as mini-perm, mezzanine, and equity.

  • Funding 365 bridging finance

Funding 365 is a firm that focuses on ethics and interpersonal connections in contrast to the market, according to which it has been flooded with traditional product choices and lack of transparency. Their rates begin at 0.75 percent PCM, there are no loan acceptance costs, early repayment penalties, or other hidden exit fees.

  • Masthaven bank

Masthaven has offered property finance for over a decade as a non-bank. It is highly qualified in this area, with rates that are much better than those of other banks. Masthaven’s USP is its ability to blend the convenience of a digital bank with traditional customer service. Counting the billionaire Pears family among its investors, it is a bridging lender that is here to stay.

  • Tuscan capital

Colin Sanders, the former CEO of Omni and Fortwell Capital, opened Tuscan Capital in 2018 as a finance firm. Unregulated bridging loans up to 70 percent LTV are available to individuals and semi-commercial properties. They provide a competitive refurbishment funding package for commercial developers worth up to £3 million in investment property. Withdrawal options are available on a case-by-case basis.

Bridge loans can be extremely helpful when you are in between financial events or need to secure assets. These are some of the best companies that offer bridge loans with immediate withdrawal access so that you can get the funds you need as soon as possible!

Do your research and compare the rates and terms of each company before deciding on which one is best for you. And always remember to stay within your budget!

What banks offer bridging loans?

Very few banks offer bridging loans, mainly due to their reluctance. The financial crisis of 2007-2008 is hugely to blame for this reluctance. Most lenders became enthusiastic about providing alternative financing for people who could not borrow money from conventional banks. 

The options we provided in this post are what we consider best for you based on what is available in the market. For the traditional banks that offer bridging loans, the deal is not as appealing. There is usually a higher entry bar and less favorable interests. 

How much Would a bridging loan typically cost?

Bridging loans are typically not cheap. The fact is, money lending is one of the most expensive options for short-term funding. Conventional banks will demand interest rates between 1% to 3% per month with an additional 1% agreement fee. There is also an exit fee. 

To borrow money with lower interest rates, it is essential to have a transparent exit strategy. It could be selling the property quickly or before its due date has passed.

Blog post conclusion

To conclude, any of the banks and finance firms listed in this article will provide you with the best bridging loans with easy withdrawal access. You can quickly get loans to support you in your transitional period, whether moving to a new house. We hope this information helps you! If there are any questions you may have, do not hesitate to share them with us in the comments.