If you are in the process of considering an application for a commercial bridging loan there are many different factors that you have to look at thoroughly. You may be wondering about the importance of your individual employment status when applying for a bridging loan, so we thought we’d use our experience here at First4Commercial to put your mind at rest.
If you are only a part-owner of a property being used as part of bridging finance applications you will not be accepted. This is because you must be able to show a sales contract for the property in question, with bridging finance dependent on an ‘exit strategy’ for the applicant that demonstrates the loan can be paid back under the agreed terms and timeframe. You must always be able to show that you have a clear plan of action for the bridging finance package.
Our service has been developed to ensure that a wide range of applicants have the chance to successfully apply for a bridging loan, whether you are employed or without a job at this time this does not have a big impact on your application. Instead, the main criteria for eligibility when applying for a commercial bridging loan is that the applicant is the owner of property that can be used as security against the bridging finance.
For more information about commercial bridging loans speak to our expert team here at First4Commercial on firstname.lastname@example.org or 01277 620083 and we’ll be happy to help walk you through the entire process from start to finish.