A second charge bridging loan could be an ideal solution for those who have a mortgage secured against their property but require additional funding for a short period of time.
Second charge bridging loans can be used for a variety of things:
Second charge bridging loans are loans for those who already have a mortgage secured against their property but require some additional funding for a short period of time to help actualise their property goals.
It is referred to as ‘second’ charge because it is considered a secondary priority to your main mortgage or loan, which will be considered your ‘first’ charge.
You can use a second charge bridging loan when you already have a mortgage on your property.
The most common uses are listed below.
Refurbishment of property before sale
Converting a property
Additional funding required for unrelated issue
Short term finance
Second charge bridging loans are flexible ways of securing additional funding quickly. They’re ideal for short-term lending and they can be secured without the need to repay your existing mortgage lender.
Second charge bridging loans are flexible and do not require extensive checks like a traditional mortgage. The loan will be secured against the property and will be approved upon proof of a viable exit strategy.
They provide finance quickly and help you utilise your current assets.
Second charge bridging loans can only be used for businesses purposes when it is their main residence. This is ideal when funds are needed short term and you do not want to repay your existing mortgage.
At Glide, our process is simple, fast, and straight forward. You can apply online in less than 5 minutes and see you loan funded in as little as 5 days.
The process has 5 steps:
Anyone can take out a second charge bridging loan. If you are interested in applying, apply online today.
Our loans are secured solely against the property value and your exit strategy. As long as you have a good exit strategy planned, Glide will consider your application.
The loan sizes for second charge loans are £100,000 minimum £20 million maximum.
This depends on the LTV you require but there will be no arrangement fees or exit fees which often saves clients thousands of pounds
We’re a fee free lender. We only charge interest on our loans. No sneaky fees or costs.
Yes, they will, in cases where they don’t, we can always look at other options for you like an equitable charge.