Bridging Finance Solutions (or BFS) is a UK-based lender founded in 2006. BFS offers several financial services to SMEs, property professionals and consumers, including bridging loans.
As a principal lender, BFS works with their own money to fund the loans, which means they don’t have to consult any third party before completing a transaction. This allows them to offer 1-hour response time and 7-day loan completion, which is great if you’re in need of quick financing.
In this review, I will detail BFS’s key features, lending criteria, application process and rates to help you decide if this lender is the right choice for your needs.
BFS Bridging Loans: Overview
BFS offers a range of unregulated bridging loans from £50k to £5m for both residential and commercial needs.
Key Features Include
- Bridging loans from £50k up to £5m, with up to 70% LTV available
- Rates start from 0.85% per month for terms from 1 to 24 months
- No application fee
- 2nd charge loans considered
- Fast-Track service available
- Dedicated legal representation
- Dedicated underwriter
- Interest is calculated daily
- Interest can be retained or serviced
- Adverse credit is considered
BFS offers clear and easy-to-understand product ranges, with rates and terms displayed clearly. Their fast-track options and excellent customer service make it a great choice if you’re looking for quick and easy financing under £5m.
What are the Eligibility Criteria for a BFS Bridging Loan?
| Criteria | Value |
|---|---|
| Accepted Applicants | Individuals, Self-Employed, LTDs, LLPs, SPVs, Foreign Nationals, Off-Shore Companies, Trusts |
| Minimum Age | 21 |
| Maximum Age | 85 at Maturity |
| Accepted Locations | England, Wales & Scotland |
| Interest Payment Methods | Fully Retained / Partly Retained and Serviced Monthly / Serviced Monthly |
BFS tries to accept as many loans as they can, which means they are more flexible than some competitors about certain things. Here are what BFS considers complex and special circumstances that will be considered individually.
Complex Circumstances
- Short deadlines (auction purchases)
- Multiple properties on a single portfolio
- Large residential HMOs
- Transferring from an individual to a company
- Raising capital
- Replacing some existing property financing
- Replacing some existing development finance
- Non-renewal from an existing lender
- Business cashflow
- Short-term working capital
- Purchasing a company that owns a property
- Applying as a diplomat
Special Circumstances
- Broken property chains
- Gifted deposits
- Probate – Executors
- Tax, liabilities, IGT, CGT, VAT
- Divorce settlements
- Defaults
- Annulment of bankruptcy
- Adverse credit
- Exiting IVAs
- Satisfying CCJs
- Missed mortgage payments
Application Process for BFS Bridging
BFS has a streamlined approach for every transaction process, supported by their in-house fast-track team.
- Application – To apply with BFS, fill out the form or visit BFS’s portal to create your own Terms, DIP and ESIS.
- Requirements – BFS’ underwriting team will analyse your particular requirements to see if you’re eligible for the enquiry you made. BFS declares they try to approve as many loans as possible, even with complex circumstances.
- Offer – A bridging loan offer will be issued in the 24 hours following the submission requirements.
- Valuation & Legal – The valuation and legal work is then done by both BFS and your solicitors.
- Drawdown – As soon as the legal work is done and the loan is agreed upon, the funds will be available.
BFS Bridging Rates
Here are the BFS bridging loan rates for 2023.
| Product | Regulated | Rates From | Loan Size | Max. LTV |
|---|---|---|---|---|
| Residential Single Property | ✅ | 0.85% pm | £50K – £3M | 70% |
| Residential Self-Build | ✅ | 0.85% pm | £50K – £3M | 70% |
| Investment Purchase & Refinance | ❌ | 0.85% pm | £50K – £3M | 70% |
| Refurb & Conversions | ❌ | 0.85% pm | £50K – £3M | 70% |
| Semi-Commercial | ❌ | 0.85% pm | £50K – £1M | 65% |
| Developments | ❌ | 0.85% pm | £100K – £5M | 65% |
| HMO Purchase | ❌ | 0.85% pm | £100K – £5M | 65% |
Fixed Rate 6-Month Loans
| Criteria | Residential Single Property | Residential Self-Build | Investment & Refinance | Refurb & Conversions | Semi Commercial | Development | HMO |
|---|---|---|---|---|---|---|---|
| Interest Rate < £250K | 0.99% | 0.99% | 0.99% | 0.99% | 1.15% | 1.25% | 1.15% |
| Interest Rate > £250K | 0.85% | 0.85% | 0.85% | 0.85% | 1.09% | 1.25% | 1.15% |
| Max. LTV | 70% | 65% GDV | 70% | 70% | 65% | 65% GDV | 70% |
| Min. Loan | £50K | £100K | £50K | £50K | £100K | £100K | £100K |
| Max. Loan | £2M | £2M | £2M | £2M | £1M | £3M | £1M |
| Charge Type | 1st | 1st | 1st | 1st | 1st | 1st | 1st |
| Min. Term | 1 Month | 1 Month | 1 Month | 1 Month | 1 Month | 1 Month | 1 Month |
| Max. Term | 6 Months | 6 Months | 6 Months | 6 Months | 6 Months | 6 Months | 6 Months |
| Application Fee | ❎ | ❎ | ❎ | ❎ | ❎ | ❎ | ❎ |
| Arrangement Fee < £250K | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
| Arrangement Fee > £250K | 2% | 2% | 2% | 2% | 2% | 2% | 2% |
| Broker Fee | Variable | Variable | Variable | Variable | Variable | Variable | Variable |
| Proc Fee | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
| Exit Fee | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
Fixed Rate 12-Months Loans
| Criteria | Residential Single Property | Residential Self-Build | Investment & Refinance | Refurb & Conversions | Semi Commercial | Development | HMO |
|---|---|---|---|---|---|---|---|
| Interest Rate < 50% lTV | 1.15% | 1.15% | 1.15% | 1.15% | 1.25% | 1.15% | 1.25% |
| Interest Rate < 70% lTV | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Max. LTV | 70% | 65% GDV | 70% | 70% | 65% | 65% GDV | 70% |
| Min. Loan | £50K | £100K | £50K | £50K | £100K | £100K | £100K |
| Max. Loan | £2M | £2M | £2M | £2M | £1M | £5M | £1M |
| Charge Type | 1st | 1st | 1st | 1st | 1st | 1st | 1st |
| Min. Term | 1 Month | 1 Month | 1 Month | 1 Month | 1 Month | 1 Month | 1 Month |
| Max. Term | 12 Months | 12 Months | 12 Months | 12 Months | 12 Months | 24 Months | 12 Months |
| Application Fee | ❎ | ❎ | ❎ | ❎ | ❎ | ❎ | ❎ |
| Arrangement Fee | 2% | 2% | 2% | 2% | 2% | 2% | 2% |
| Broker Fee | Variable | Variable | Variable | Variable | Variable | Variable | Variable |
| Proc Fee | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
| Exit Fee | ❎ | ❎ | ❎ | ❎ | ❎ | ❎ | ❎ |
BFS Reviews & Ratings
BFS receives very positive reviews, earning a score of 4.7 out of 5 based on 12 reviews on Google. The number of reviews is quite low compared to some competitors, but this doesn’t mean the expressed feeling isn’t genuine.
The majority of reviews rate BFS 5 stars. Customers praise the exceptional customer service, relating to a friendly team that always tries to solve issues.
Some negative reviews mention the lender’s fees, which can add up if you’re not careful.
However, negative reviews seem limited compared to the overwhelming positive feedback. BFS proactively responds to many negative reviews to resolve issues.
Google reviews indicate high customer satisfaction with BFS’ lending services, owing to outstanding customer support. While a minority of customers have faced challenges, the overall sentiment toward BFS is very favourable.
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BFS FAQs
What sets BFS apart from other providers in offering bridging loans?
BFS is a regulated principal lender, meaning they use their own funds for lending which eliminates the need for third-party consultations before completing a transaction. This allows them to have a faster response and loan completion time, usually within 7 days.
What is the loan approval process like at BFS?
BFS aims to approve as many loans as possible, even under complex circumstances. After submission of the necessary requirements, a bridging loan offer is usually issued within 24 hours. Following this, the valuation and legal work are carried out by both BFS and the borrower’s solicitors.
What is BFS’s policy towards applicants with adverse credit?
BFS considers applicants with adverse credit, indicating a level of flexibility in their lending criteria.
What types of security does BFS accept for bridging loans?
For detailed information regarding the types of security accepted, it’s advisable to contact BFS directly as this specific information wasn’t available in the sources reviewed.
Is there a fast-track service for urgent loan requests?
Yes, BFS offers a Fast-Track service for individuals who are in need of quick financing.
