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ZAIf your business is approaching the end of the term on a bridging loan, you’ll need to re-bridge, i.e. arrange a new bridging facility to replace your existing loan. You’ll can either arrange a bridge extension (loan) or you might prefer to move your loan elsewhere.
If you’re looking to refinance an existing bridging loan at a better interest rate, or if your existing bridging loan is coming to the end of its term and you no longer have an exit in place (i.e. something’s not gone to plan), you have two options.
- Remain with your existing lender
Bear in mind that arranging a loan extension with your exiting lender might work out more expensive, especially if you have to pay an extension or rearrangement fee. Also the term might be much shorter than the original loan, so you might be in the same situation again before long. - Find an alternative lender
Moving your loan elsewhere might (or might not) be a cheaper and better option in the longer term.
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