Our expert advisers will help you find the best funding solution for your development including considering bridge to let finance solutions.

We specialise in providing bridge to let finance solutions for property investors.

Bridge To Let Finance is a recently introduced product which is available from several lenders. Bridge To Let Finance was launched to connect together the buy, refurbish, rent investment strategy (“BRR”). Effectively a lender will provide a bridging loan to acquire a property, then the lender will potentially lend against some of the refurbishment works to be carried out, and crucially the lender will also provide an exit product, with a valuation agreed by the valuer at the beginning of the project.

Once the work on the property has been carried out, then the valuer will normally return to the property for a re-inspection, confirming it has been carried out to the standards as initially outlined.

Our panel of bridge to let lenders provide high quality and prompt decisions. Indicative bridging terms will normally be provided within 24 hours, often faster. An agreement in principle can normally be expected within 48 hours, once the initial application form has been processed.

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Frequently asked questions

Got a question? We have the answer.

What are the benefits of bridge to let finance

Bridge to let facilities have a number of features and benefits:

  • Reduced fees – one lender meaning that the borrower does not have to pay multiple acceptance fees, plus valuation fees are reduced, with a re-inspection as opposed to a full formal valuation.
  • Speed of total transactions – there is typically more work initially, as the lender is underwriting both the initial transaction, potentially the costs of works, as well as the exit and term debt, however, once this has been implemented then the transactions can typically move faster, as all are with the same lender.
  • A bridge to let loan can provide an investor with confidence, enabling them to buy a refurb property, carry out work, then move onto the term facility, with a pre-agreed valuation.
  • Pre-approval of exit finance – as the same lender who is providing the bridging finance is also the term debt, the borrower has the confidence that their exit finance is agreed in advance. This can give the developer/investor confidence that they can move through the project knowing that they have the security of an exit locked in.
  • Bridging loans complete extremely quickly – using a bridging loan to acquire a property will ensure that the transaction can complete quickly, with most bridging loans completing within a few days or weeks, as opposed to potentially months involved in term debt.
  • Bridge to let mortgages can be used to navigate property chain issues. A bridging loan can enable a purchase of a property prior to selling other assets (if required). This can ensure that the transaction will close, where other parties in the chain may be reliant on the sale of their property.
  • Bridge to let mortgages can be used for refurbishment properties, where there may be minor (or depending on the lender) major refurbishment works to be carried out.

What types of properties can you arrange a bridge to let loan for?

We regularly facilitate bridge to let loans for the following circumstances:

  • Auction purchases, where work is required
  • Quick completions required, an example where an investor is buying a property below market value and needs the transaction to move quickly, but want the confidence that the build costs and exit valuations are confirmed, a bridge to let facility can work perfectly in this scenario.
  • Purchase of standard residential property being converted into HMOs – A bridge to let facility can work very well for properties being transferred from a normal residential property converting into a HMO, with the costs of works being paid for by the lender, and the borrower having an exit valuation from the outset.
  • Office to residential conversions. Using a bridge to let facility can work for a smaller office to residential conversion, using a bridge to acquire, development finance for costs of works and then a buy to let mortgage product for the refinance at the end of the build, if the borrower is seeking to retain the properties.

We work closely with our funding partners to provide a prompt and efficient turnaround of bridge to let funding solutions. Where we add value is by pushing transactions forwards across the line, we work closely with solicitors, valuers, lenders and other intermediaries to ensure that the transactions complete promptly.

How much can I borrow with a bridge to let loan?

Bridget to let loans are typically available from £50k+. Above the £2m exit valuation, we would consider traditional development finance for the development facility, as the terms may be favourable.

Please get in touch with our team to discuss your bridge to let funding requirements.

What if I don't pay the bridging loan element back by the end of the term of the bridge to let facility?

This depends on the lender, the circumstances and a number of other factors, some lenders will enforce their default rate of interest (which can be very expensive), others will negotiate.

How long will it take to obtain funds for my bridge to let loans?

Bridge to let loans can normally be secured from 10 working days up to 6 weeks, depending on the lender and the complexity of the acquisition, and most importantly how quickly the lawyers move.

How long can I have a bridge to let loan for?

The bridging element of a bridge to let loan typically start from a minimum of 3 months – most lenders will charge a minimum of 3 months interest regardless of how long you take the money for, up to 18-24 months max.

The term facility which sits alongside the bridging loan for a bridge to let facility will be negotiated with the lender, however, terms will range from 10-25 years with various options available for fixed rates, most lenders offer either a 2 or 5 year fixed option, after which time the loan will then default on to the lenders standard variable rate (SVR).

What rates can I expect to pay for bridge to let finance?

Bridge to let facilities are increasingly competitive with rates starting at around 0.4% per month, plus acceptance fees, plus solicitors fees, plus valuation fees.

The term element of the facility will depend on interest rates at the time, please get in touch with our team to discuss your funding requirements and we can quickly assemble terms.

Are there any early repayment charges for bridge to let loans?

Most lenders will have a minimum term of 3 months or at least charge the equivalent amount of interest, shorter time-frames are also available.

Is a bridge to let loan different to a mortgage?

There are two (potentially three) different elements:

  1. A bridging loan is typically a short term loan which is normally taken out to acquire or refinance a property. A bridging loan works in a different way to a mortgage, although some characteristics are similar. A bridging loan lender will normally “roll up” interest. This means that the interest is typically deducted from the loan, although in some instances the lender may also add it to the loan.
  2. Development facility – another short term facility which will sit alongside the bridging loan, with similar terms. Rolling up interest.
  3. Term facility – the term facility will be used to repay the bridging loan and development facility this is a type of buy to let mortgage.

Does a bridge to let loan take a charge against a property?

A bridge to let loan will typically take a “first charge” over a property, this means that if the terms of the loan are breached that the lender will have the write to enforce their charge, meaning that they can ultimately take ownership of the property if you do not keep up repayments.

Why use a bridge to let loan?

A bridge to let loan can be a convenient means of securing funding for a property or development project quickly, providing an investor or developer with the confidence that they can acquire a property quickly, with confidence that they can then exit their bridging loan on to a term facility at an agreed valuation, providing a confidence around the cash flow for a development.

What are the fees associated with Bridge To Let Finance?

The fees involved in bridge to let finance are included below:

  • The initial valuation fee for the property
  • A facility fee, could be up to 2% of the loan
  • An exit fee, could be up to 1% of the exit value
  • A broker fee, if applicable
  • Legal costs for conveyancing of the property purchase and refinance

If you would like to discuss a bridge to let project, please get in touch with our team, we will promptly provide indicative terms, with all fees and costs clearly outlined.

What deposit do you need for bridge to let?

Deposits for Bridge To Let Mortgages and Bridging Loans will depend on the type of property being purchased, the level of remedial work that needs to be carried out, and the value of the property. Typically lenders will require a minimum deposit of 25% for the bridging loan element of a bridge to let facility.

The refinancing element of the facility will be underwritten independently from the bridging loan and this will be carried out on a bespoke basis.


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