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frequently asked questions

We know you might have questions about our services, processes, and what to expect when working with Bridge Step.

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What are the FAQs?

At Bridge Step, we understand that you may have questions about our services, processes, and how we can help you achieve your goals. To make things easier, we’ve compiled answers to some of the most common inquiries.

General Questions

What is A Bridging Loan?

A bridging loan is a short-term loan used by a company or person until they have paid off existing obligations or secured permanent financing. 

Property Purchase: Often used when someone needs to buy a new home before they’ve sold their current one.

Auction Purchases: Useful for buying properties at auction where funds are needed quickly.

Property Development: For developers who need funds to buy and renovate properties before they can be sold or refinanced.

Business Needs: Sometimes used by businesses for quick cash flow solutions.

Initial decisions can be given over the phone with confirmation emails sent within the hour. 

 

Bridging loans are typically repaid within 12 months, however terms can be extended based on individual circumstances

What is a 'Buy-to Let'?
A ‘Buy-to-Let’ mortgage is a way to borrow money to invest in another property that you wish to rent out. This can be done as a first time investor or to continue to grow your porfolio.
When you purchase a property on ‘Buy-to-Let’ you will be acting as the landlord. The aim is to let the property out charging a monthly rental which covers mortgage payments, maintenance and makes profit.
Auction finance is a form of bridging loan it is typically used to complete the purchase quickly. Properties or land purchased through auction normally have to be completed within 28 days.