We have extensive facilities available for individuals and businesses looking to replace an existing bridging loan with a new one.
If you are over term or worried that you may go over term on a bridging loan, there are two important things to consider in detail:
Why have or why are you going to go over term?
It is important to look at why you have, or potentially might go over your loan term. Something clearly has gone wrong or not according to plan.
What is your bridging lender’s position about you going over term?
Not being too worried – in which case they may leave your current facility in place, not increase your interest rate or charge any additional fees.
What are your potential options
Typically, they may charge you an extension or rearrangement fee. These can be expensive and are often for a term much shorter than the original loan. Therefore, it won’t be long until you are in the same situation again.
You may be able to move your loan to an alternative facility that is much cheaper, whilst also offering a longer term, allowing you extra time to sort out any problems.