Q1. What is a BRIDGING LOAN?

Ans. A Bridging Loan is usually a non-status loan to an individual or a company that is taken out on a short-term basis and secured against a residential or commercial property, until such time as the property is sold or refinanced with a long-term lender.

Q2. What is the advantage of a Bridging Loan?

Ans. Bridging Loans are a fast convenient and easy method of purchasing a property and we aim to give you a Decision in Principle within 1 hour and make the funds available to you within 24 hours.

Q3. How fast can I get my money?

Ans. From receiving your instructions we would instruct our own in house solicitors immediately and they would make sure the property is good security from a legal perspective. The valuation will then need to be in favour of Fair Trade finance but if this has already been done for you then most surveyors are happy to readdress the same report to the lender. On the assumption that the valuation has been done and only needs to be readdressed we would aim to complete drawdown within 24-48 hours.

Q4. Will I know the costs from the outset?

Ans. Yes, you will be given all the costs from the outset and your payment amount will not change throughout the term.

Q5. Are there any early redemption penalties ?

Ans. No there are no redemption penalties charged by Fair Trade Finance unlike most other bridging finance companies who charge at least early redemption penalties which is unfair because bridging finance is short term finance anyway.

Q6. Is there any standard Code of Practice which Bridging Finance Companies Adhere to ?

Ans. There is no standard Code of Practice and the industry as a whole has resisted any attempts to bring in a Code Of Practice. As an ethical company Fair Trade has a written Code of Practice to which we adhere to which sets out our ethos a Company and what the consumer can expect of us.