Positive Figures For Bridging Loans
We have previously reported on the amount of money being lent by way of bridging finance. However, there is further more up to date good news in this respect that we wished to share with you.
According to the West One Bridging Index some £2.42 billion was lent in this way for the 12 months to November 2014. This was a rise of 26% when compared with the same period leading up to November 2013. We are sure that you will agree that this is a significant increase and is no doubt a reflection of how favourable lenders are in considering and sanctioning bridging loans.
Again, there were some other interesting statistics such as the fact that the average bridging loan in the year to November 2014 was £508,000 with this being an increase of over 17%. Interest rates are even more competitive, with the average rate being 1.16% for the 12 months to November last year in comparison to a figure of 1.22% for the year ending November 2013.
As we have said previously, it is important that people shop around to try to get the best deal when looking for bridging loans. You should take into account such things as the interest rate and any fees such as arrangement, legal and valuation fees when deciding which is the most suitable bridging finance package to meet your needs.
Yes, like many do, you could just arrange to meet with the bank where your personal/business current account is maintained and enquire what they offer and proceed with them. However, with so many lenders providing such finance it could be worth shopping around and looking at what other lenders can offer. In this respect, you may wish to get in touch with ourselves as we can provide you with access to a panel of lenders that consider bridging loan propositions.
We look forward to hearing from you.