Having a good Bridging provider is an essential tool in your property investing strategy. Whether you are buying property Below Market Value (BMV) and doing an instant remortgage to make the deal No Money Down (NMD), or buying properties (whether repossessed or otherwise) to refurbish and sell, at some point you will require some form of bridging finance.
Summit provides Bridging products to the landlord and property investing community.
Daylight Bridging Finance & Closed Bridging Finance
This is the option for those who are buying property Below Market Value (BMV) with a view to re-mortgaging the property on the day of completion, sometimes referred to as a day-one re-mortgage or same-day re-mortgage, to make the deal No Money Down (NMD). For this strategy to work there needs to be equity in the property at the time of purchase. Click here if you wish to learn more about How To Make Money Using Closed Bridging Finance.
There must be a re-mortgage offer in place to take advantage of our closed bridging products. Don’t worry though as we can help you get that vital re-mortgage offer.
Writing this in August 2008, we still have access to an exclusive mortgage product where the lender allows a same-day remortgage. For more details, please click here to complete our Bridging / Mortgage Fact-Finder Form.
Open Bridging Finance
The number of lenders allowing same-day remortgages has decreased markedly over the last few months, to the extent that we now only know of one lender who is providing a suitable product, so there is obviously increased demand for open bridging amongst our investment community. Open Bridging can also be very effective for financing buy-to-sell deals where a property is bought (perhaps at auction or as a repossession) to refurbish and sell on.
Our application process for our Bridging products is extremely quick and simple. For more details, please click here to complete our Bridging / Mortgage Fact-Finder Form .
Bridging Product Rates
| Product |
Open or Closed |
Interest Rate |
Arrangement Fee |
Our Solicitor Required? |
| Daylight Closed Bridge |
Closed |
0.4% |
£0 |
Yes |
| 3 Day Bridge |
Closed |
0.75% |
£199 |
No |
| 14 Day Bridge |
Closed |
1.35% |
£299 |
No |
| 6 Month Open Bridge |
Open |
1.75%/month |
£0 |
No |
To apply for our open bridging, closed bridging and/or mortgage products please click here and complete our Bridging / Mortgage Fact-Finder Form.
If you are considering using a No Money Down Finance Scheme instead of bridging finance then please read our FREE download The Ten Questions You Should Be Asking Your Your No Money Down Scheme Provider.
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