{"id":25423,"date":"2022-11-11T12:39:33","date_gmt":"2022-11-11T12:39:33","guid":{"rendered":"https:\/\/swoopfunding.com\/ca\/?page_id=25423"},"modified":"2024-11-27T16:19:07","modified_gmt":"2024-11-27T16:19:07","slug":"bridging-finance-explained-what-is-it","status":"publish","type":"page","link":"https:\/\/swoopfunding.com\/ca\/commercial-mortgages\/bridging-finance\/","title":{"rendered":"Bridging finance explained \u2013 what is it?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"25423\" class=\"elementor elementor-25423\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-775ee57 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"775ee57\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-00399e2\" data-id=\"00399e2\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ba15f59 elementor-widget elementor-widget-heading\" data-id=\"ba15f59\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Bridging finance explained - what is it?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb814e0 elementor-widget elementor-widget-ucaddon_info_post_blog\" data-id=\"bb814e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_info_post_blog.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t<div class=\"info-post-blog\">\n <div class=\"date\">\n <svg width=\"16\" height=\"18\" viewBox=\"0 0 16 18\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n <path d=\"M14.0117 15.75H1.98828V6.01172H14.0117V15.75ZM14.0117 2.25H13.2383V0.738281H11.7617V2.25H4.23828V0.738281H2.76172V2.25H1.98828C1.56641 2.25 1.21484 2.42578 0.933594 2.70703C0.652344 3.02344 0.511719 3.375 0.511719 3.76172V15.75C0.511719 16.1719 0.652344 16.5234 0.933594 16.8047C1.21484 17.1211 1.56641 17.2617 1.98828 17.2617H14.0117C14.3984 17.2617 14.75 17.1211 15.0312 16.8047C15.3125 16.5234 15.4883 16.1719 15.4883 15.75V3.76172C15.4883 3.375 15.3125 3.02344 15.0312 2.70703C14.75 2.42578 14.3984 2.25 14.0117 2.25Z\" fill=\"#8A9FAE\"\/>\n <\/svg>\n <p><time itemprop=\"datePublished\" content=\"2022-11-11T12:39:33+00:00\" datetime=\"2022-11-11T12:39:33+00:00\">\n Last reviewed on November 27, 2024 <\/time><\/p>\n <meta itemprop=\"dateModified\" content=\"2024-11-27T16:19:07+00:00\">\n <\/div>\n <div class=\"read-time\">\n <svg width=\"16\" height=\"16\" viewBox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n <path d=\"M8.38672 4.23828H7.26172V8.73828L11.1992 11.1289L11.7617 10.1797L8.38672 8.17578V4.23828ZM8 14.0117C6.34766 14.0117 4.94141 13.4492 3.74609 12.2539C2.55078 11.0586 1.98828 9.65234 1.98828 8C1.98828 6.38281 2.55078 4.97656 3.74609 3.78125C4.94141 2.58594 6.34766 1.98828 8 1.98828C9.61719 1.98828 11.0234 2.58594 12.2188 3.78125C13.4141 4.97656 14.0117 6.38281 14.0117 8C14.0117 9.65234 13.4141 11.0586 12.2188 12.2539C11.0234 13.4492 9.61719 14.0117 8 14.0117ZM8 0.511719C5.92578 0.511719 4.16797 1.25 2.69141 2.72656C1.21484 4.20312 0.511719 5.96094 0.511719 8C0.511719 10.0742 1.21484 11.832 2.69141 13.3086C4.16797 14.7852 5.92578 15.4883 8 15.4883C10.0391 15.4883 11.7969 14.7852 13.2734 13.3086C14.75 11.832 15.4883 10.0742 15.4883 8C15.4883 5.96094 14.75 4.20312 13.2734 2.72656C11.7969 1.25 10.0391 0.511719 8 0.511719Z\" fill=\"#8A9FAE\"\/>\n <\/svg>\n <p>Reading time: 7 min<\/p>\n <\/div>\n<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-56fa9de elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56fa9de\" data-element_type=\"section\" data-e-type=\"section\" id=\"hero-banner-reference\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e661b6a\" data-id=\"e661b6a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-06f6710 elementor-widget elementor-widget-image\" data-id=\"06f6710\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"500\" src=\"https:\/\/swoopfunding.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/commercial-mortgage-2-scaled-1-1024x500.jpeg\" class=\"attachment-image_blog_medium size-image_blog_medium wp-image-25446\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4bc815e elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"4bc815e\" data-element_type=\"section\" data-e-type=\"section\" id=\"product-page\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-98696df\" data-id=\"98696df\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8ccf0f2 uael-heading-align-left elementor-widget elementor-widget-uael-table-of-contents\" data-id=\"8ccf0f2\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"styck-table-of-contents\" data-settings=\"{&quot;scroll_offset&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;115&quot;,&quot;sizes&quot;:[]},&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;],&quot;sticky_offset&quot;:&quot;130&quot;,&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;scroll_offset_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;scroll_offset_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;scroll_offset_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_text_align&quot;:&quot;left&quot;,&quot;heading_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:15,&quot;sizes&quot;:[]},&quot;content_between_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\" data-widget_type=\"uael-table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"uael-toc-main-wrapper\" data-headings=\"h2,h3,h4\" >\n\t\t\t<div class=\"uael-toc-wrapper\">\n\t\t\t\t<div class=\"uael-toc-header\">\n\t\t\t\t\t<span class=\"uael-toc-heading elementor-inline-editing\" data-elementor-setting-key=\"heading_title\" data-elementor-inline-editing-toolbar=\"basic\" ><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-toc-toggle-content\">\n\t\t\t\t\t<div class=\"uael-toc-content-wrapper\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t<ul data-toc-headings=\"headings\" class=\"uael-toc-list uael-toc-list-none\" data-scroll=\"500\" data-scroll-offset=\"115\" ><\/ul>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"uael-toc-empty-note\">\n\t\t\t\t\t<span>Add a header to begin generating the table of contents<\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4547cd2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4547cd2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-0260923\" data-id=\"0260923\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-032af48 elementor-widget elementor-widget-ucaddon_last_updated\" data-id=\"032af48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_last_updated.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n<div id=\"last-updated-container\" class=\"\">\n\n \n <div class=\"last-updated view-user\" style=\"justify-content: left;\">\n <\/div>\n<\/div>\n\n\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67c452c elementor-widget elementor-widget-text-editor\" data-id=\"67c452c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A bridging loan is similar to a mortgage and is used by individuals and businesses to purchase or raise capital secured against either a residential and\/or commercial property or a land asset. Unlike a traditional <a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/commercial-mortgages\/\">commercial mortgage<\/a>, execution and drawdown happens much faster. The loan may be raised against a property for which a traditional mortgage may not be suitable and in certain cases where the applicant has no income.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4692a84 uael-heading-align-left elementor-widget elementor-widget-uael-table-of-contents\" data-id=\"4692a84\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"table-of-content-column\" data-settings=\"{&quot;heading_text_align&quot;:&quot;left&quot;,&quot;heading_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:15,&quot;sizes&quot;:[]},&quot;content_between_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"uael-table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"uael-toc-main-wrapper\" data-headings=\"h2,h3,h4\" >\n\t\t\t<div class=\"uael-toc-wrapper\">\n\t\t\t\t<div class=\"uael-toc-header\">\n\t\t\t\t\t<span class=\"uael-toc-heading elementor-inline-editing\" data-elementor-setting-key=\"heading_title\" data-elementor-inline-editing-toolbar=\"basic\" ><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-toc-toggle-content\">\n\t\t\t\t\t<div class=\"uael-toc-content-wrapper\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t<ul data-toc-headings=\"headings\" class=\"uael-toc-list uael-toc-list-none\" data-scroll=\"\" ><\/ul>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"uael-toc-empty-note\">\n\t\t\t\t\t<span>Add a header to begin generating the table of contents<\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82587b4 question elementor-widget elementor-widget-heading\" data-id=\"82587b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How does bridging finance work?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb7402f answer elementor-widget elementor-widget-text-editor\" data-id=\"bb7402f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p><p>The major difference between a mortgage and a bridging loan is that while a traditional mortgage lender will focus on the ability of the applicant to maintain payments on the loan, a bridging lender focuses more on the property and its suitability as security. When a bridging loan is approved most lenders will build in an interest reserve facility which allows them to take payment on the loan over the term without committing the borrower to make a monthly payment.<\/p><p> <\/p><p>This provides the lender with the surety that the interest will be paid on time and provides the borrower with the comfort they don\u2019t need to make payments that may be impossible due to cashflow constraints.\u00a0<\/p><p> <\/p><p>The priority for bridging lenders is the exit strategy as this is how they will get repaid: the key question for the lender is: \u201cWhat will change during the term of the loan to allow the borrower to repay the loan?\u201d Usually this means that bridging loan exits are via re-mortgage to a conventional lender or sale of the property utilised as security.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c15bc7f question elementor-widget elementor-widget-heading\" data-id=\"c15bc7f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When should I use a bridging loan?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2be9b9 answer elementor-widget elementor-widget-text-editor\" data-id=\"b2be9b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>A very common misconception is that bridging loans are only used when purchasing property at auctions or when buying a new property before you have sold another property. While this type of facility can be used for these purposes, they can also be utilised in other scenarios too as we will see below.<\/p>\n<p><\/p>\n<p>A bridging loan may be used to purchase a property that requires light or heavy refurbishment and is therefore not suitable for a traditional mortgage.<\/p>\n<p><\/p>\n<p>It may also be used as a non-status commercial mortgage, where a business has been suffering financial difficulties and their existing lender will not lend any more funds or reschedule their existing payments.<\/p>\n<p><\/p>\n<p>For businesses that have ceased trading and are waiting to sell a property or premises, a bridging loan offers a solution in circumstances where a traditional commercial bank will struggle to demonstrate the loan can be serviced and will often ask the borrower to repay the loan prior to the property sale.<\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc137e7 question elementor-widget elementor-widget-heading\" data-id=\"dc137e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much does bridging finance cost?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-553fe04 answer elementor-widget elementor-widget-text-editor\" data-id=\"553fe04\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p><p>Bridging loan costs vary dramatically depending upon the security type, the term of the loan and the credentials of the borrower with rates varying from four percent per annum to 18 percent per annum. Arrangement fees can also vary from one percent to three percent. While values may be up to 90 percent for some property types.<\/p><p> <\/p><p>For example, the cost of bridging loan on a piece of land would be much higher than the equivalent loan secured against a typical family home in an established residential area.<\/p><p> <\/p><p>The final cost of a bridging loan depends on you or your broker having access to the full market so that you are able to secure the best available deal.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ae79bb question elementor-widget elementor-widget-heading\" data-id=\"2ae79bb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><strong>Do I need a broker?<\/strong><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e22845c answer elementor-widget elementor-widget-text-editor\" data-id=\"e22845c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>The short answer is usually, \u201cyes\u201d. There are a large number of bridging lenders across Canada and due to the complexity of the process, most of them are set up to work alongside finance brokers.<\/p>\n<p> <\/p>\n<p>The finance brokers run the process to take ownership of the relationship between borrower, solicitor, lender and other professionals involved ensuring a smooth journey to completion.<\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a55be0d question elementor-widget elementor-widget-heading\" data-id=\"a55be0d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Is my business eligible for bridging finance?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19fb72b answer elementor-widget elementor-widget-text-editor\" data-id=\"19fb72b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p><p>Any individual, partnership or company may obtain a bridging loan if they are the owners or the intended purchasers of a property that is considered suitable security by a lender.<\/p><p> <\/p><p>Any ultimate beneficial owner of a borrowing company or any individual must be at least 18 years of age.<\/p><p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb4a00a question elementor-widget elementor-widget-heading\" data-id=\"eb4a00a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Do banks provide bridging finance?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-039fafe answer elementor-widget elementor-widget-text-editor\" data-id=\"039fafe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>Traditional banks such as <a href=\"https:\/\/www.investopedia.com\/terms\/b\/bigfivebanks.asp\" target=\"_blank\" rel=\"noopener\">The Big Five<\/a> and household names are not usually the best option for those seeking bridging loans as these traditional lenders focus more on the borrower and their credentials rather than the property, when analysing a proposal.<\/p>\n<p><\/p>\n<p>Some smaller banks offer bridging loans, but they are typically more stringent in their underwriting approach, require more borrower <a href=\"https:\/\/swoopfunding.com\/ca\/business-glossary\/due-dilligence\/\">due diligence<\/a> and are typically slower to transact. The rates and fees from these smaller banks are, however, typically lower than traditional specialist bridging lenders and are worth considering. A knowledgeable and professional broker will guide you through the market to disclose the options that are available to you. <a href=\"mailto:canada@swoopfunding.com\">Get in touch<\/a> and speak to one of our experienced Commercial Finance Managers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73f94f3 question elementor-widget elementor-widget-heading\" data-id=\"73f94f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How long can I use a bridging loan for?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd8b7f7 answer elementor-widget elementor-widget-text-editor\" data-id=\"cd8b7f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p><p>Bridging loans are seen by many as a short-term solution, though the loan terms may run from one month to up to three or more years. As borrowers will save interest and maintenance fees by exiting quickly, there is pressure for the loans to be repaid as quickly as possible.<\/p><p> <\/p><p>Most bridging lenders are keen to be repaid as quickly as possible and re-circulate their funds by supporting another borrower, so most do not charge redemption fees which provides flexibility to the borrower. However, there are lenders who provide \u2018open ended bridging loans\u2019 which means they have no fixed term and it is up to the borrower how and when they repay the bridging loan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d80c62c question elementor-widget elementor-widget-heading\" data-id=\"d80c62c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">If I have bad credit, can I still get bridging finance?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c851a1b answer elementor-widget elementor-widget-text-editor\" data-id=\"c851a1b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p><p>As the focus is on the property rather than the lender, bridging loans are often available to people for whom other borrowing is not an option or too expensive. So long as the lender is satisfied with the ultimate exit strategy and repayment of the loan, personal credit scores will be less important.\u00a0<\/p><p> <\/p><p>If the loan exit is via re-mortgage, then the lender will want that borrower or their credit broker to prove that a viable re-mortgage is or will be available.\u00a0<\/p><p> <\/p><p>Some lenders only want to deal with prime borrowers with exemplary credit ratings where others actively prefer to deal with borrowers who have suffered difficulties managing credit relationships. Again, this shows the benefit of working with a broker who knows and understands the market and can point would-be borrowers to the right lender.<\/p><p> <\/p><p>As with most borrowing, the track record of the borrower will affect the interest rate and fees offered on bridging loans, though some lenders offer a \u2018valuation only\u2019 product where their primary concern is the property value and detail within the legal conveyance pack.<\/p><p> <\/p><p>In this scenario the only borrower caveat is that they do not have a criminal record or are currently being investigated for any form of fraud.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7336dec question elementor-widget elementor-widget-heading\" data-id=\"7336dec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How can I learn more about my options?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0d0aed answer elementor-widget elementor-widget-text-editor\" data-id=\"d0d0aed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Swoop has a dedicated team of Commercial Finance experts with over 100 years of experience between them &#8211; <a href=\"mailto:canada@swoopfunding.com\">get in touch<\/a> to see how they can help.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-266a991 elementor-widget elementor-widget-spacer\" data-id=\"266a991\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-988102d elementor-widget elementor-widget-ucaddon_author_page\" data-id=\"988102d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_author_page.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n\n\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-ef6dc60 e-flex e-con-boxed e-con e-parent\" data-id=\"ef6dc60\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-42f303b open banner-product elementor-hidden-mobile e-con-full e-flex e-con e-child\" data-id=\"42f303b\" data-element_type=\"container\" data-e-type=\"container\" id=\"sticky-banner\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1cab536 elementor-widget elementor-widget-image\" data-id=\"1cab536\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2022\/08\/close.svg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f8390a elementor-widget elementor-widget-heading\" data-id=\"0f8390a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Get your free Bridging finance quote today<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-52df828 sticky-info e-con-full e-flex e-con e-child\" data-id=\"52df828\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-a3b2cdf e-con-full e-flex e-con e-child\" data-id=\"a3b2cdf\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0f59eff elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"0f59eff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/02\/icon1.svg\" title=\"icon1\" alt=\"icon1\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e43fd0 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"2e43fd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Apply in minutes<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8ce5b35 sticky-info e-con-full e-flex e-con e-child\" data-id=\"8ce5b35\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-f82b5ab e-con-full e-flex e-con e-child\" data-id=\"f82b5ab\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab6aa1b elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"ab6aa1b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" width=\"45\" height=\"42\" src=\"https:\/\/swoopfunding.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/02\/icon2.svg\" class=\"attachment-full size-full wp-image-9522\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd13513 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"cd13513\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div 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data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2022\/08\/plus.svg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f956eff elementor-widget elementor-widget-heading\" data-id=\"f956eff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">G<br>E<br>T<br><br>Q<br>U<br>O<br>T<br>E<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a202a0f e-con-full cta-mobile-fixed elementor-hidden-desktop elementor-hidden-laptop elementor-hidden-tablet e-flex e-con e-parent\" data-id=\"a202a0f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;position&quot;:&quot;fixed&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e7dbb4 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"5e7dbb4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app.swoopfunding.ca\/stage\/\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">GET A QUOTE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element 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data-template-id=\"53aa8807dec7e10d38f59f32\" data-businessunit-id=\"5b437d760db9da00019935a0\" data-style-height=\"95px\" data-style-width=\"160px\" data-theme=\"dark\" data-token=\"75678bf0-071e-4356-8a6b-93beb5a68f32\">\n <a href=\"https:\/\/www.trustpilot.com\/review\/swoopfunding.com\" target=\"_blank\" rel=\"noopener\">Trustpilot<\/a>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Bridging finance explained &#8211; what is it? Add a header to begin generating the table of contents A bridging loan is similar to a mortgage and is used by individuals and businesses to purchase or raise capital secured against either a residential and\/or commercial property or a land asset. Unlike a traditional commercial mortgage, execution [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":8486,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-25423","page","type-page","status-publish","hentry"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_blog_full":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>Bridging finance explained &#8211; what is it? Add a header to begin generating the table of contents A bridging loan is similar to a mortgage and is used by individuals and businesses to purchase or raise capital secured against either a residential and\/or commercial property or a land asset. Unlike a traditional commercial mortgage, execution and drawdown happens much faster. The loan may be raised against a property for which a traditional mortgage may not be suitable and in certain cases where the applicant has no income. Add a header to begin generating the table of contents How does bridging&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"root","url":"https:\/\/swoopfunding.com\/ca\/author\/root\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/pages\/25423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/comments?post=25423"}],"version-history":[{"count":10,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/pages\/25423\/revisions"}],"predecessor-version":[{"id":37871,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/pages\/25423\/revisions\/37871"}],"up":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/pages\/8486"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/media?parent=25423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}