london (PRWEB UK) 27 March 2013
Applications for bridging finance have seen steady growth since the beginning of the year as an alternative means of funding property acquisitions. Yet some remain sceptical over this method of finance due to lack of knowledge, which is why Hanover Square Brokers are now providing more comprehensive information than any of their competitors on typical interest rates, terms and conditions and the application process, to inform and educate prospective applicants on whether it is a suitable option for them or their business.
With transparency being a core value of Hanover Square Brokers and they provide forthright opinions on the suitability of bridging finance for clients. They never give empty promises or agree to loans they know they cannot finance. Because of their intended short-term nature, their rates of interest are typically higher than mortgages and they require either residential or commercial property in order to secure the loan. However, Hanover Square Brokers claim that “rates can be as low as 1% a month” making them a viable option for investors, rather than a solution of last resort.
They say that: “clients wishing to borrow £100,000 will need to offer up a property with a value of £200,000. Borrowers can then expect to pay around £850 a month in interest with a loan to value ratio of 50%. However those able to offer more collateral of around £1 million valued property are able to get much better loan to value ratios of around 70% meaning, they will pay lower rates of monthly interest.” However bridging loans can range anywhere in between £30,000 up to £10 million.
One of the main attractions that brought many clients to Hanover Square Brokers is that their lending partners have a superb track record and are known as some of the largest privately funded lenders in the UK, providing them significant resources in order to responded quickly to applications. As knowledge and awareness of bridging finance increases, it has the potential to occupy the large gap in required funding, that banks and mainstream loan providers have opened up.
About Hanover Square Brokers
Hanover Square Brokers is a specialist financial brokerage firm that deals with bridging finance for commercial and residential property purchases. As one of the best-established brokers on the market, they have formed long-lasting partnerships with some of the UK’s leading bridging loan lenders. This has allowed them to source extensive fund with immediate notice at the lowest rates for their clients.