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Refinance Bridging Loan
From suffering the losses of a delayed property sale, or simply seeking more favourable terms, a refinancing bridge loan can provide the flexibility you need.
That is why at MS Lending Group, we understand that time is critical and circumstances can change quickly.
What Is a Refinancing Bridging Loan?
A refinancing bridging loan is a short-term financial solution used to repay an existing bridging loan.
So why may you need a bridging loan to replace an existing bridging loan?
Ultimately, life happens, and there are instances wherein an initial finance plan, such as a sale or longer-term mortgage, gets delayed or even falls through.
That is why, it is common to see borrowers seeking refinancing bridge loans when their initial loan term is coming to an end and they are not yet in a position to exit via sale or long-term refinance.
These loans provide extra time and room to get back on track without defaulting on repayments or putting the property or exit plan at risk.
What Can Refinancing Bridging Loans Be Used For?
Re-bridging loans are a choice for many for a multitude of reasons, there can be complicated issues that require more time on your side, or there can be more simple reasoning like securing a better deal for long term financing.
Nonetheless, some of the most common scenarios that benefit from utilising a refinding bridging loan include, but aren’t limited to:
- Repaying a soon-expiring bridging loan
- Raising additional funds to complete renovation or development work that may have been delayed
- Seeking or refinancing on property for better terms or lower interest rates longer term
- Resolving delays in property chains or mortgage applications
By accessing a refinancing bridge loan, you’re able to avoid unnecessary penalties and retain the safety of your exit strategy, rather than being rushed into an unfavourable sale or finance arrangement.
Common Property Types That Benefit from Refinance Bridging Loans
At MS Lending Group, our refinance bridging loans cover a wide variety of residential and commercial property types, including, but not limited to:
- Buy-to-let properties
- Residential investment properties
- Mixed-use premises
- Commercial properties
- HMOs
- Land
If you are looking to refinance a loan secured against commercial property, our Commercial Bridging Finance page provides more detailed information about our specialist lending options.
Considerations During Refinancing Bridging Loan Applications
The process of refinancing a bridging loan is similar to that of getting the bridging loan in the first instance, but there are some things to consider…
Consider Your Eligibility
The good news is, borrowers with existing bridging loans can apply for refinancing, and are likely accepted if there is sufficient equity in the property and a realistic exit strategy still in place all the while.
This is due to the fact that at MS Lending Group, we look at every application on a case by case basis, so even if you have experienced delays with your original project, we will look at your case individually and offer all the flexibility that we can.
Consider Your Time Frame
Timing is critical, so you need to ensure you refinance at the right time to avoid unnecessary rushes and stress. We would advise borrowers to start the refinancing process at least 1 month before their existing loan is due to expire; but ultimately, the earlier you start the process, the likelihood of more options is on your side.
Consider Your Affordability
Consider why you’re refinancing and ensure that you’re in a position to repay and still, have a strong exit strategy.
Be prepared that re-bridging loans can come with arrangement fees, valuation costs, and legal fees, again similar to an initial bridging loan application.
However, these costs may be offset by better terms in the long term, reduced interest rates, and of course avoiding default penalties on your current bridging loan loan.
Apply Today with Ms Lending Group
If you’re approaching the end of a bridging loan term and need additional capital fast, re-bridging loans could be the solution you’re looking for.
At MS Lending Group, we’re responsive and provide lending that supports property investors and developers at every stage.
Contact our team today to explore your refinancing bridge loan options.
READY TO MAKE AN APPLICATION?
Submit our application form or speak to one of our team members if you have any questions
client testimonials
Fantastic service – application to completion in 12 working days!
Auction purchase with a 15-day completion time on a semi-commercial property. The ability to use a desktop valuation along with the speed of the underwriting meant a great result for the client.
BROKER
The communication throughout the entire process was outstanding.
The team were incredibly responsive, answering all questions promptly and providing regular updates on the status of my application.
I never felt left in the dark, the application process was straightforward and well organised.
BROKER
Excellent speed and response times to all queries.
With a very tight timescale for the client, all parts of the operation pulled together to get there in a very small amount of time!
I cannot fault anything with the whole process!
BROKER
MS Lending Group were phenomenal as always!
The ‘get the deal done’ ethos is (with a lot of lenders) exactly what is missing in bridging, but not with MS Lending Group.
A common-sense approach over the tick-box exercise mentality applied by some is refreshing to say the least! The staff are great too, really friendly and helpful!
BROKER
Communication with everyone at MS Lending Group, in particular Mike Watson, was exceptional.
Clear, concise, common-sense approach to all queries raised and a very fast process with no delayed SLA queues.
17 days, including weekends, from application to completion!
BROKER
Communication is always exemplary with the team at MS Lending Group.
I really value the relationship that we have and the continued support that we get to help our clients.
BROKER
The service was amazing! From the start of the deal with Adam to the application team, everything was so smooth!
The requirements asked for were completely reasonable, and everything was reviewed within a 2-hour turnaround time (if not hours)!
The whole process from start to finish was outstanding, especially on such a sensitive case.
BROKER
The Speed and communication from the team at MS Lending Group, from the Relationship Managers, through to the Underwriters, was top-notch.
The ability to use a desktop valuation on a £1.2m property was the key to recommending MS Lending Group since we’d already lost a few weeks on an auction purchase after the all too familiar back and forth with a very cautious Underwriter for another lender.
BROKER
The customer service throughout.
The communication was excellent. Was never left waiting for a response.
The turn around. It was a matter of less than a week once everything was provided.
BROKER
As always, second to none service from MS Lending Group.
Speed, service, simplicity as is the MS Lending Group way.
Special shout out to Sam Bryce and Aimee Everton who were on top form throughout with updates, requests and another on-time completion!
BROKER
Most recently, a client of ours had been let down from their lender at the very last minute. They were really up against it in terms of time, and typically this business would have been lost. Knowing MS Lending Group entered the market with a no valuation necessary product up to £500,000, we quickly got in touch.
MS Lending Group approved the transaction within 24 hours, instructed solicitors, and the client was able to complete before their completion date. It was refreshing to see such a new business working in a slick and professional way.
BROKER
The communication and speed have been second to none. There seems to be many touch points by both the sales team and underwriter throughout which has kept the deal moving at pace throughout.
It really helps when all sides are communicating and are motivated in getting the deal done.
BROKER
The service was amazing! From the start of the deal with Adam, to the application team, everything was so smooth!
The requirements asked for were completely reasonable and everything was reviewed within a 24 hour turnaround time (if not hours)!
The whole process from start to finish was outstanding, especially on such a time sensitive case.
BROKER
case studies
Muti-unit Commercial Purchase in Derby
- locationDerby
- funded£642,250
- ltv70%
- product Commercial
Property Developer Portfolio Addition
- locationManchester
- funded£103,500
- ltv75%
- product Commercial Residential
No Valuation Auction Purchase in Plymouth
- locationPlymouth
- funded£120,400
- ltv83%
- product Commercial
Large Commercial Bridging Loan Secured in Berkshire
- locationBerkshire
- funded£1,425,000
- ltv52.2%
- product Commercial
No Valuation Auction Bridging Loan Secured in London
- locationlondon
- funded£323,250
- ltv75%
- product Commercial
Desktop Commercial Auction Purchase in Scotland
- locationFife
- funded£91,000
- ltv70%
- product Commercial
news & Insights
Using Bridging Loans to Remortgage Your Commercial Property
Specialist Lending for Social Housing and HMOs: What You Need to Know