Commercial Bridging Loans
Your bank may offer 100’s of products and plans.
Promise Money has over 10,000
Why choose us?
Your bank may have 100’s of bridging loan plans – we have over 10,000!
Plus, we have…
- 30 years of experience
- Experts at finding low rates and solving problems
- Friendly and fast advice
Promise Money have bridging loan plans available for everyone, including those with credit issues…
Using one of the most comprehensive bridging loan panels in the UK, we can search for the best deal for you.
About Commercial Bridging Loans
When it comes to commercial and business finance there is no standard template and no magic formula. Every application is different and the key is to make sure we understand what you want to achieve.
What is Commercial Bridging?
In many businesses operating in the bridging and commercial markets, they often seem to view these two products virtually as one and the same, to the point where a customer may get confused about the distinction between the two.
- A commercial mortgage is a mortgage taken out within the course of a business i.e:
- Instead of offering their home as collateral, they are instead offering their business premises or property owned by the business.
- Instead of the purpose being for personal use, the loan is intended solely for business purposes.
- Commercial Bridging loans are also often secured on commercial premises but on a short-term bridging basis i.e. the loan is taken out for 1 to 2 years maximum.
More Help
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk