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Guide to Bridging Loans

    CPD
    Approx.60min

    Introduction

    As with any bridge, it is vital to spot the exit and know how your client will get there. All lenders will want to see a viable ‘exit’ strategy before they offer a bridging loan.

    This guide tackles regulation of Bridging loans, how to secure this type of finance, the pros and cons of borrowing cash in this way and what happens if the borrower fails to make payments.

    Contributors to this guide are Rob Jupp, incoming chairman of the Association of Bridging Professionals; Alan Margolis, head of bridging at United Trust Bank; Mark Posniak, head of sales and marketing for Dragonfly Property Finance; Ray Cohen, of compliance consultants Jackson Cohen; and Danny Waters, chief executive of Enterprise Finance.

    This guide is produced in association with the Association of Bridging Professionals. For more information, click here.

    In this guide

    CPD
    Approx.60min

    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. From a typical rate of 1.5 per cent pre-crash, how low can monthly rates on bridging loans be now according to Mr Waters?

    2. What is a typical penalty (default) interest rate charged if a Bridging loan is not repaid on time, according to Mr Jupp?

    3. What type of Bridging loan is regulated by the FCA?

    4. Where a Bridging loan is regulated by the Consumer Credit Act what is the cooling off period?

    5. What type of Bridging loan falls under the Consumer Credit Act requirements, according to Mr Cohen?

    6. When will the FCA take over the regulation of CCA loans, according to Mr Cohen?

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