Bridging Loans for Adverse Credit

Customers can be considered for all types of bridging finance even if they already have adverse credit for example Defaults, CCJs or Missed Payments, although they may incur a higher rate of interest.

Bridging loans can also be used to clear or stop adverse credit being registered. For example, a bridging loan can be used to stop repossessions taking place or the need to look at IVA’s enabling solutions for people about to loose their home.

 

Credit Repair

One notable character of bridging loans is that all lenders do not comply to standard bank / building society criteria with regard to adverse credit. There are bridging loans out there for people with recent or historic adverse credit form defaults and missed payments to pending repossessions and CCJ’s.

This is the case for both general bridging loans i.e. for investment purposes or for the purchase of a new residence as long as a clear method to repay the bridging loan is available for the clients i.e. the sale of a property or remortgage.

On the other hand bridging finance can also be used to stop adverse credit being registered, for example repossessions. Here at Bridgingmotorway.com we understand the pressure mortgage repayments can put on a customer.

In the current climate it can be difficult to recover from blips on a customers’ mortgage payments often leading to a build up of charges and arrears resulting in an eventual repossession taking place. We pride ourselves on trying to help customers out of these situations and offer solutions to get the client back to the straight and narrow.

Our typical scheme aims to get customers from being a heavy to medium adverse client to a Near Prime client within just 12mths time and possibly a high street customer with in 12 – 36 months.