You’ve found an amazing property deal with a catch – you need to complete within weeks, not months. Or perhaps your property chain’s about to break, putting your dream home at risk.
These situations need swift action and even faster finance.
Fast bridging loans could solve your timing problem. They’re built for speed when standard mortgages simply won’t work. But before you move forward, let’s make sure you understand exactly what you’re getting into.
What Makes Fast Bridging Loans Different
Think of a bridging loan as a sprint rather than a long-distance run.
While regular mortgages often take months to arrange, bridging loans can complete in days or weeks. They’re short-term property-secured loans lasting between 3 and 24 months.
The main difference isn’t just speed though – it’s how they work.
Bridging lenders focus mainly on your property and repayment plan rather than spending time checking income and credit scores. This makes them excellent for quick-moving situations.
Take that property needing major improvements before it’s mortgageable. A bridging loan helps you buy and renovate it before moving to a long-term mortgage.
Or when you’re buying at auction with its strict 28-day completion deadline, auction bridging finance might be your only practical choice.
Real Speed: What to Actually Expect
Let’s be straight about timing. You might see ads promising “24-hour bridging loans,” but reality differs. Yes, you can often get an initial decision within 24 hours, but receiving funds typically takes longer than that.
While lenders know they have to work fast, every stage in the process has to be complete and each one takes time.
The good news?
There are proven ways to speed things up. Borrowing less than 70% of the property’s value makes your application less risky for lenders, often leading to faster decisions. Some lenders can use automated valuation methods (AVMs) at this level, cutting days off the usual timeline.
Another time-saver is dual legal representation – where one law firm acts for both you and the lender. This removes the need for legal undertakings between different firms and can significantly reduce completion time.
A recent example shows how these approaches work together: An investor needed quick finance for an auction property. By keeping their loan at 65% LTV and using a lender’s approved solicitor, they completed in just 6 working days. The standard valuation alone would have taken that long.
Every case is different, of course.
Simple residential cases with straightforward legal work might complete in 5 working days. More complex situations, especially commercial property or multiple securities, often need 2-3 weeks. The key is understanding what affects your timeline and planning accordingly.
Another option could be to choose a lender who offers non-status bridging loans. Yes they are more expensive but the lender doesn’t need any income or credit checks. This is helpful if you have some bad credit but it also saves more processing time.
A non-status bridging loan at 70% LTV or less can utilise an AVM valuation and move to the legal stage the same day as you apply.
Related reading: Do Bridging Lenders Always Need Credit Checks?
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When Fast Bridging Makes Sense
Fast bridging loans excel when timing matters most.
At auctions, you’ll need to complete within 28 days of a successful bid. Standard mortgages simply can’t match this timeline.
Property chain issues create another common need.
Imagine you’re ready to buy your next home when your buyer drops out. Rather than losing your perfect property, bridging finance lets you proceed while finding a new buyer – no rushed sale at a discount.
Business opportunities often present tight deadlines. You might spot ideal commercial premises or face a time-sensitive deal. Quick business bridging finance helps you act when opportunity knocks.
Renovation projects also benefit from speedy funding. A property might be unmortgageable now but show fantastic potential. Bridging covers both purchase and renovation costs, letting you transform the property before refinancing or selling.
Read more: How To Use Bridging Finance To Break A Property Chain
Getting Your Application Moving
Bridging lenders care about two main things: your property’s value and your repayment plan. Focus on these for the quickest approval.
You’ll need property or assets as security – either the one you’re buying or something else you own. Lenders consider residential, commercial, and land, though your property type affects both amount and timeline.
Your repayment strategy must make practical sense.
Whether you’ll sell the property or switch to a regular mortgage, show evidence your plan works. Selling? Local market sales data helps prove your plan. Refinancing? Start talks with future lenders early.
Essential paperwork includes:
- ID and address proof
- Property details with relevant permissions
- Evidence supporting your repayment plan
Unlike standard mortgages, you rarely need business accounts or proof of income – your property and exit plan matter most.
Read more: How to Get a Bridging Loan
Making Sure Things Move Quickly
Speed comes from smart preparation more than rushed decisions.
Start with a bridging-experienced solicitor – they’ll handle legal work far more efficiently than someone new to these loans.
Consider your property valuation options. While physical inspections give more detail, desktop valuations often work faster. Some lenders now use quick automated valuations for certain properties.
Document your repayment strategy fully before applying. If you’re planning to sell, get estate agent valuations ready. Looking to refinance? Begin that process now, not later.
Watch for common holdups.
Missing documents need chasing, wrong information needs fixing, and suddenly your “fast” loan slows down.
Legal issues like unclear property titles or planning permission problems take time to fix. Early checks help spot these before they cause delays.
Understanding the Costs
Bridging loans cost more than regular mortgages – that’s the price of speed and flexibility. Let’s be clear about what you’re paying for.
Interest rates vary among lenders, but how you handle interest payments matters most. You can pay monthly, add it to your final repayment, or subtract it from your initial loan amount. Each option affects your cashflow differently.
You’ll also pay an arrangement fee (typically 2% of your loan), valuation costs (based on property value), and legal fees (covering both your solicitor and the lender’s legal team).
How the Process Works
While bridging loans move faster than mortgages, they follow clear steps.
Understanding these helps set realistic expectations.
Everything starts with discussing what you need. A good broker uses this chat to find suitable lenders and spot potential problems early. You’ll hear initial terms within hours, often the same day.
Next comes your formal application with supporting documents. Having everything prepared speeds things up considerably – your application moves straight to assessment rather than sitting in a queue waiting for paperwork.
Property valuation follows quickly. This might mean someone visiting the property or doing a desktop assessment. Their report helps determine your loan amount and terms.
Legal work happens alongside everything else. Your solicitor checks the property’s title, runs searches, and sets up loan security. They’ll handle completion once other steps finish.
Why Use a Broker
The bridging loan market works differently from everyday banking – many lenders only work through brokers, and you won’t find rates advertised openly.
Good brokers know which lenders suit your situation and can meet your timeline. They package applications correctly first time, avoiding unnecessary delays.
Their lender relationships often help speed things up too. They know exactly who to call when things need pushing forward and how to present your case effectively.
Ready to Move Forward?
Fast bridging loans solve timing problems in property deals, but they need careful handling. Make sure you understand the costs and commitments, but don’t let that stop you acting quickly on good opportunities.
Need help working out if a bridging loan fits your situation?
Our team knows these loans inside out. Give us a call or fill out our contact form – we’ll help you understand your options without any pressure to proceed.
Remember, getting things done quickly shouldn’t mean rushing into decisions. Take time to understand what you’re doing, but when you’re ready to move, we’ll help you move fast.
Looking for quick property finance? Get in touch today. We’ll help you find the right solution for your situation.
Frequently Asked Questions
Most straightforward bridging loans complete in 5-15 working days. While you might get an initial decision within 24 hours, the full process includes property valuation and legal work. Simple residential cases might complete in 5 days, while complex deals usually take 2-3 weeks.
Using a non-status bridging loan can save you some time.
Most lenders require at least 25% deposit, meaning they’ll lend up to 75% of the property value. Some offer up to 80% for strong cases. The exact amount depends on your property type and exit strategy.
For a faster outcome, have at least a 30% cash deposit ready. These cases are less risky for lenders and should qualify for same day AVM valuations.
Read more: Do you need a deposit for a bridging loan?
Usually not. Unlike mortgages, bridging lenders focus mainly on your property’s value and exit strategy. Your ability to repay comes from property sale or refinancing rather than regular income.
Read more: Can You Get a Bridging Loan Without Regular Income?
Fast bridging loans work for residential, commercial, and mixed-use properties. They also cover land purchases. Even unmortgageable properties can qualify if they offer good security value.
Read more: What Properties Can A Bridging Loan Be Secured Against?
Yes, but only with additional security. You’ll need other properties or assets to make up the extra security above the standard 75-80% loan-to-value.
Read more: 100% Bridging Loans: How to get one
Common delays include incomplete paperwork, title issues, complex legal work, and unclear exit strategies. Planning permission problems or valuation issues can also cause delays.
