Bridging Loan Application Process

Keeping it simple

Bridging finance often needs to be arranged quickly. In order to be able to progress fast, we follow this 5-step bridging loan application process.

Our 5-step bridging loan application process

Loan enquiry and indicative terms

Decision in Principle (DIP) issued

Valuation instructed

Lawyers issue legal paperwork

Loan drawn down

bridging loan application process
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Step 01: Loan enquiry and indicative terms

Once the loan enquiry is received, indicative terms are provided with full transparency from the start.

  • Indicative terms will outline your agreed rate and loan value, so you have the information upfront
How To Apply in bridging loan application process
Deal in Principle bridging loan application process
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Step 02: Decision in Principle (DIP) issued

As part of the bridging loan application process we do an in-depth analysis of the client and their requirements and provide a decision in principle.

  • It is standard procedure to contact ‘Know Your Client’ searches (KYS’) before providing finance. Here, we take a look into your financial history to ensure that, should there be any potential issues, that we take look into finding a solution that works for you.
    Here, we often require documentation such as:

    • 3 Months personal bank statements
    • 3 Months business bank statements (if applicable)
    • Evidence of income (if loan is being serviced)
    • Application form
    • Statement of assets, liabilities, income & expenditure (SALIE)
    • Property portfolio schedule
    • Proof of residency
    • Proof of ID
  • This could be to clear any adverse credit you may have, for example.
  • A Decision In Principle, often referred to as a ‘DIP’, is a formal contact between a yourself and a lender that indicates how much the lender is willing to lend to you.
bridging loan application process

Step 03: Valuation instructed

Valuers are instructed to visit the property or properties in question. This is what allows us to confirm the terms detailed on the Decision In Principle.

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Step 04: Lawyers issue legal paperwork

The lawyers will do all the necessary paperwork for both us and the client to progress the case.

  • Here, you can take a step back and relax, as we’ll do all the leg work for you
  • We’ll be sure to keep you updated on the progress of your loan
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Step 05: Loan drawn down

The last step in the bridging loan application process: We are able to provide funds in as little as three days, depending on the circumstances. Funds will be released in your account, so you can:

  • Continue with your property purchase
  • Start renovation works
  • Repay your previous lender

I still have questions about your bridging loan application process…