Obtaining bridging loan quotes is the first step toward securing funding. Quote requests take minimal time. Quotes are non-binding and risk-free.

Quote Request Process

Contact bridging brokers or lenders directly. Provide basic property details. Describe your financing situation. Explain your exit strategy. Get quotes within 24 hours. Quotes remain valid typically for 10-14 days.

Information Needed for Quote Requests

Property address and type. Property value estimate. Current mortgage details (if applicable). Equity available for security. Exit strategy explanation. Intended use of bridging funds. Personal credit situation (if adverse).

Understanding Quote Details

The quote should show the loan amount and term. Interest rate (monthly percentage). Arrangement fees as a percentage and amount. Valuation costs. Broker fees (if applicable). Legal costs estimate. Total cost summary. Loan conditions and terms.

Quote Comparison Process

List all quotes in a spreadsheet. Compare monthly rates. Calculate total costs for each option. Note key differences. Ask questions about variations. Request clarification on unclear items.

What Happens After Quote Acceptance

Formal application follows quote acceptance. Property valuation is arranged. Lender performs credit checks. Exit strategy assessment occurs. Legal documentation prepared. Final approval issued. Funds transfer arranged.

Full Application Timeline

Quotes: 24 hours. Application: 1-2 days. Valuation: 3-5 days. Underwriting: 2-3 days. Approval: 1-2 days. Drawdown: 1-3 days. Total time: 7-14 days typically.

Pre-Application Preparation

Gather all property documents. Prepare proof of identity. Document your exit strategy. Collect recent financial statements. Prepare employment evidence. Have mortgage information ready.

FAQ Section

Q: Are bridging quotes binding? A: No. Quotes are non-binding estimates. You have time to decide.

Q: How long are quotes valid for? A: Typically 10-14 days. Rates may change after expiry.

Q: Can I lock in an interest rate from the quote? A: Some lenders allow rate locks. This typically costs 0.5% of the loan amount.

Q: What happens if I don't accept a quote? A: Nothing. Your credit remains unaffected. You can request new quotes.