Bad Credit Loans Available For Bridging
The secured loan market has been hit severely by the credit crunch and banking crisis over the course of the past couple of years, which has lead to the introduction of much tighter lending criteria from lenders and a greatly reduced choice of loan product for those looking for a secured loan.
One of the main areas where secured loans have been restricted is on bad credit loans, where a potential borrower has a poor credit history due to previous loan arrears or County Court Judgements (CCJ’s).
Similarly, bridging loans, which allow borrowers a short term loan in order to be able to move house without having sold their old property, have become quite a rare commodity as the housing and home owner loan markets continue to move extremely slowly towards any positive signs of growth.
But now, one specialist bridging loan company, Mayfair Bridging, has announce that it is to introduce a new range of bridging loans for clients with an adverse credit history, with the intention of allowing these borrowers to repair their credit rating and financial history.
The new product is being called “unlimited adverse” and as the name suggests, it is aimed at those individuals with a heavily adverse credit history, including an unlimited amount of CCJ’s, missed payments and loan arrears, regardless of when they occurred.
The bridging loan will take a first legal charge over the property to be used for the secured loan and will allow a maximum loan to value of just 50 per cent of the value of the property.
Yasin Patel of Mayfair Bridging said “Unlimited adverse product allows clients a lifeline to enable them to repair their credit, stop repossessions and save their investments. Not many lenders are lending to sub prime clients but at Mayfair we are happy to help clients that are struggling.”
