Have you been turned down for loans or mortgages in the past? Perhaps your credit rating is stopping you from receiving the funds you need. Or perhaps you just need money quick to complete the purchase of your new property. We can help you to find the right non status loan to suit your circumstances today, and enable you access to the funds you need within the next few days.
What is a Non Status Bridging Loan?
How do non status loans work?
Non status bridging finance require no background checks on the borrower, including credit history or divulgence of financial information. The only thing the borrower needs to prove to receive funding is that they have sufficient property or land to be used as security against the loan and an acceptable entrance and exit strategy (i.e. how are you going to repay the loan).
These are generally short-term loans, lasting between one day and 12 months. As they carry a slightly higher risk to lenders, lending rates are generally higher. Although, the lack of time spent conducting lengthy background checks means that money can be received quickly, often saving the borrower time and money spent waiting.
Who are non status loans for?
Although a wide range of people use non status funding, it is perfectly suited to those with:
- No credit history
- A poor credit rating
- CCJs, arrears, defaults, previous bankruptcy, IVAs
- Employed and self-employed individuals
- Sole traders, partnerships and limited companies
Non status loans are often used for the following transactions:
- Properties sold at auction
- Purchases that need quick completion
- Halting repossessions
- Properties below market value
Let us help you to find the right loan for you
If you are in need of a fast, flexible loan and own property to use against that loan’s value, we can help you to find the best possible deal.
To get in touch with us, simply fill out a full quotation form and our advisors will put you in contact with the right lender for your circumstances and help find you a bespoke loan plan.