The short term lending market is probably at its most buoyant. There is a proliferation of bridging lenders and it seems that a new one appears almost every week with even bigger pockets.
Loan to values (LTVs) are still on an upward trajectory, interest rates are going the other way and lenders have an even greater appetite for bridging, commercial mortgages and development finance deals.
Northern Ireland Bridging & Development Finance
So the picture is a rosy one on the UK mainland, what about the 6 counties?
Generally the picture is the same. The only real difference is that lenders tend to be a little thin on the ground in the province and as our funds are extremely limited, we do have to lean on these specialised lenders.
So where will they lend?
As long as it’s in a large conurbation then it should be ok. Apart from the obvious one in Belfast, they will lend in cities and towns such as Lisburn, Derry, Bangor, Newtownabbey, Craigavon, etc.
The important thing to note when lending in Northern Ireland (and one that all lenders will focus on) is that there MUST be demand for the project/property/security in question.
Valuations will be sought that back up the application and stated values but apart from that and the fact that every deal will be limited to the LOWER of the purchase price or valuation, everything else in terms of lending criteria remains the same as it does on the UK mainland.
The Legal Process
It is (contrary to popular opinion) a quite different legal process to that of the UK mainland or Scotland and not as straightforward as some industry commentators would have you believe.
It is a different conveyancing process and this means that the legal process will take slightly longer for lenders to navigate around.
That said, it’s not unfeasible to expect a bridging or development loan to complete and pay out in less than 4 weeks which is the same as the rest of the UK.
How to apply for a Northern Ireland Bridging Loan
Just visit our application page and complete the short form and one of our team will be in touch within 24 hours to start the process of searching for a mortgage or loan.
Currently, we can only deal with direct borrowers, not brokers.