What is a Bridging Loan?


Harry Tuke
Harry Tuke
Partner & Head of Borrower Bridging

Bridging loans are short term secured loans usually taken out to assist with the purchase or refinancing of property, but occasionally used to ‘bridge’ the gap in finance for other purposes such as buying a property at auction, covering a break in a property chain, refurbishing a property before sale, paying for a lease extensions or paying urgent unexpected bills.

For example, if you are buying and selling, but need to complete the purchase quickly and there is a delay with the sale, a bridging loan is one possible option to consider with a view to repaying the loan once the sale completes in the future.
Bridging lenders usually charge a higher rate of interest than the average high street lender, but in return they offer a more flexible approach to lending criteria, a short term loan and the option of drawing down the loan money quickly.

Specialist Property Solicitors

We act for both borrowers and lenders, so we understand the approach that needs to be taken from both sides of the equation. Many solicitors who do not regularly deal with bridging loans will be unfamiliar with the extent of lenders’ requirements, or will be unable to meet the borrower’s preferred timescale. At McMillan Williams we have a team of specialist property solicitors who are experienced in bridging, and can pre-empt any of the usual pitfalls to ensure you are able to draw down funds as soon as possible. We understand the urgency of bridging finance, and will work with you and your broker to meet your deadline.

As solicitors we are not authorised to give you financial advice. If you wish to apply for a bridging loan please either contact your own independent financial advisor or ask us to put you in touch with one.

We Can Help

If you are thinking about taking out a bridging loan, or would like to speak to one of our specialist property solicitors call us today on 0203 551 8500 or email us at enquiries@mwsolicitors.co.uk.

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