Bridging loans
Our Legal Costs for setting up and exiting the loan. For standard residential first charge loans of up to £500,000 to individuals our solicitor current fees are £750 plus VAT and disbursements. We do not take solicitors fees upfront, they will require an undertaking from your solicitor before issuing standard enquires and security documentation. There is usually a small fee payable to our solicitor on exiting the loan to cover their costs in releasing the legal charge. Circa £250-£300. Most loans will require a Valuation Report which BiG will instruct and the borrower will be liable to pay for. We will occasionally waive our requirement for a Valuation Report subject to our due diligence. Costs vary depending on the property and value but are typically between £250-£1,000. A bridging loan can be useful to raise capital for any legal purpose but in typical circumstances borrowers can obtain a bridging loan for the purposes of; * Buying to let * Auction property purchases * Development or refurbishment to get a property to acceptable condition to mortgage * Houses of multiple occupancy (HMO) * Borrow against value rather than purchase price * Raising debt secured against two or more properties with equity.