What's the cheapest Bridging Loan cost?
The cheapest Bridging loans are provided by a few of the High Street Banks. You would be looking to pay 4%-7.00% over Bank Base rate plus the arrangement and legal fees.
However Bridging loans are not provided by most of the High Street Banks and the ones that do prefer:
Expect processing of the loan to take weeks and months and not the days that the independent bridging finance lenders can provide.
Our lenders are specialist Bridging Finance lenders that provide both open and closed bridging loans for
any purpose. They do charge a higher rate of interest than the High Street Banks but they react is hours and days rather then weeks and months. The range of interest rates that these lenders charge are between 0.95% to 1.50% per months which equates to 11.40% to 18% per annum.
With Bridging Finance it is not the cheapest form of borrowing. However it serves a similiar purpose to a bank overdraft facility and if used for a short period to provide a solution to a financial problem, it can bring huge benefits.