As the market shifts and the recession looms, many businesses are finding themselves in need of short-term financing solutions. Bridging finance has emerged as a popular option for those who need funds quickly to bridge the gap until more permanent financing can be secured. At Milecross Commercial Finance, we have seen an increase in bridging finance requests from our clients and introducers, as businesses look for ways to weather the storm.
Bridging finance is a short-term lending solution that can be used to bridge the gap between the purchase of a new property and the sale of an existing property, or to cover short-term funding needs for a variety of reasons. This type of finance can be especially useful in situations where traditional funding options are not available, such as when an asset is not selling or a business does not have enough income to attain a normal loan or commercial mortgage.
One key factor to consider when applying for bridging finance is the exit strategy. Lenders will want to know how the borrower plans to repay the loan, whether it be through the sale or re-finance of the property or asset. It is important to have a plausible and viable exit strategy in place in order to secure financing and as an experienced broker we work with you to outline this for lenders.
When it comes to bridging finance, there are a number of different lenders offering different loan to values and rates, depending on the location and type of asset. This makes it crucial to find the best option for your specific needs. At Milecross, we have established great relationships with all the funders and can negotiate the right deal for our clients.
If you're considering bridging finance for your business, it's important to work with a trusted and experienced commercial finance company, and we have a wealth of experience in helping businesses secure the financing they need.
We offer a range of other financing solutions that we tailor to your specific needs, including development financing, commercial mortgages, and a wide range of modern financing solutions.
Contact us today to learn more about how we can secure you the bridging finance you need to take your business up a level.