While Halifax used to offer bridging loans, like many high street banks, they stopped offering this as a result of the credit crunch of 2007/8.
After the credit crunch, unregulated homeowner loans were stopped, and borrowing regulations generally became much tighter.
Halifax continues to offer long-term business finance, including mortgages and home improvement loans. The bridging loan space has moved to alternative lenders, with only a few high street banks still offering them, and then to their own customers only.
If you would like to explore the range of lenders we work with and get a no-obligation quote for a bridging loan, then please just fill in the simple form below.
Compare market-leading bridging loan quotes with no obligation
- Loans from £20,000 to £30m plus
- Max 75% LTV first charge 70% second charge
- Secured on Residential and Commercial property
- Adverse credit considered
- Both Regulated and Non-Regulated Bridging Loans
Halifax is a well-known British banking brand that operates as a division of Bank of Scotland, which, in turn, is a subsidiary of Lloyds Banking Group. Halifax traces its roots back to 1853, when it was established as a building society. Over the years, it evolved into a bank and eventually became part of the Lloyds Banking Group in 2009.
Halifax offers individuals and businesses a wide range of financial products and services. Some of the key offerings include:
- Current Accounts: Halifax provides a variety of current accounts with different features and benefits tailored to meet customers’ needs, such as reward accounts, student accounts, and basic accounts.
- Savings Accounts: They offer various savings accounts to help customers grow their money, including regular savings accounts, fixed-rate bonds, and cash ISAs (Individual Savings Accounts) that provide tax-free interest.
- Mortgages: Halifax is well-known for its mortgage services and offers a range of mortgage products for first-time buyers, home movers, and those looking to remortgage their properties. They provide options such as fixed-rate mortgages, tracker mortgages, and offset mortgages.
- Personal Loans: Halifax offers personal loans that can be used for various purposes, such as financing a car, home improvements, or debt consolidation.
- Credit Cards: They provide a range of credit cards with different features and benefits, including cashback rewards, balance transfer options, and competitive interest rates.
- Insurance: Halifax offers insurance products such as home insurance, car insurance, travel insurance, and life insurance, providing coverage and protection for different aspects of customers’ lives.
- Investments and Financial Planning: They provide investment products and services to help customers plan for their financial goals, including stocks and shares ISAs, investment funds, and financial advice.
What are the Alternatives to a Halifax Bridging Loan?
At Business Expert, we have access to the bridging finance market with the latest rates and knowledge of what LTV each provider will offer.
Our service is that of a broker, except we don’t charge the typical 1% additional fee. Instead, we charge nothing; our service is 100% free.
Equally, our service does not impact your quote in any way; you would be quoted the same if you went to the lenders directly.
What Banks offer Bridging Loans?
For reasons stated above, very few high street banks still offer bridging finance of any kind, and those that do offer it generally to existing clients.
Bridging is now largely the province of specialist lenders, who are as follows:
- Alternative Bridging Corp Ltd
- Apex Bridging Ltd
- Aspen Bridging Ltd
- Assetz Capital
- Avamore Capital
- Bridge Invest Ltd
- Bridging Finance Solutions
- BY Loans
- Central Bridging
- Close Brothers Bridging Finance
- Devon & Cornwall Securities Ltd
- Eastern Credit Ltd
- Finance and Credit Corp Ltd
- Funding 365
- Goldentree Financial Services
- Heritage Commercial Finance Ltd
- Hope Capital
- InterBay Commercial
- Interbridge Loans
- Lowry Capital Ltd
- Masthaven Bank Ltd
- Mercantile Trust
- Mint Bridging
- Nucleus Commercial
- Oblix Capital
- Octane Capital
- Octopus Real Estate
- Ortus Secured Finance
- Peninsula Finance Plc
- Precise Mortgages Short Term Lending
- Rocket Bridging
- Rocket Bridging
- Roma Finance
- Shawbrook Bank
- Tuscan Capital
- Ultimate Capital
- Ultimate Finance
- United Trust Bank
- VATBridge Ltd
- W M Mann & Co
- West One Loans
How Much Does a Bridging Loan Cost?
Like most short-term loans, bridging finance can be expensive. Expect to pay a monthly interest rate of between 0.3-2%.
In addition, and this varies on the lender, there may be other fees as follows:
- Arrangement Fee – 1 to 2% of the total loan amount
- Exit Fees – Approximately 1%, although not all lenders charge these
- Administration Fee – this will depend on the complexity of the finance
- Legal Fees – lenders usually require you to pay their legal fees
- Property Valuation Fees – This is usually paid to the surveyor directly
- Broker Fees – most brokers will charge additional fees of at least 1% for their time. NB: here at Business Expert, we charge no brokers fees, but the lenders pay a commission.
Are Bridging Loans a Good Idea?
Bridging loans work best when a particular time-dependent deal requires short-term funding and there is a clear exit strategy.
Commonly, bridging finance is used to bridge the gap between two situations, such as purchasing one property and selling another. In this situation, the property sale is the exit strategy and means the loan need not extend beyond a carefully considered period.
In short, bridging loans are a good idea for situations where the risks, costs and terms are full understood and factored into a larger business transaction with margins large enough to make it all worthwhile.
Halifax Bridging Loan Calculator
Although Halifax does not offer bridging loans, we are here to assist you in securing the right financing solution for your needs.
As experts in the field of bridging loans, we understand the importance of a quick and tailored response. You can rely on our team to provide an immediate specialist quote based on your circumstances.
Considering factors such as loan amount, duration, and your financial situation, we can offer you a comprehensive and competitive quote that meets your requirements.
Don’t hesitate to contact us today to discuss your bridging loan needs and benefit from our expertise in finding the most suitable options for you.
Top Alternatives to Halifax for Bridging Finance
If you’re seeking bridging finance options beyond Halifax, the UK market offers a wide array of specialist lenders and financial institutions that provide tailored solutions. Below are some of the key players that stand out as viable alternatives:
- Together Bridging Loans: Known for its flexible lending criteria, Together offers an array of short-term financing options suitable for various circumstances.
- Shawbrook Bridging Loans: Specialising in alternative financing, Shawbrook Bank provides a range of bespoke bridging solutions designed to meet unique customer needs.
- Precise Bridging Loans: Precise focuses on efficiency and speed, offering fast approvals and disbursement of funds for short-term financial requirements.
- Lendinvest Bridging Loans: With a strong focus on property financing, Lendinvest offers bridging loans that are ideal for real estate transactions and development.
- Octopus Bridging Loans: Specialising in property lending, Octopus offers tailored bridging loans for both residential and commercial real estate projects.
- UTB (United Trust Bank) Bridging Loans: UTB offers specialised bridging loans suitable for more complex financial scenarios that require a customised approach.
- MT Finance Bridging Loans: Recognised for its straightforward application process and rapid fund disbursement, MT Finance is a go-to for many in urgent need of bridging capital.
- Spring Finance Bridging Loans: Spring Finance provides a range of short-term loans with competitive rates, aimed at fulfilling immediate financial gaps.
- West One Bridging Loans: Known for its versatility, West One offers bridging loans that can be used for a wide range of purposes, from property acquisition to business expansion.
- Glenhawk Bridging Loans: Specialising in non-bank lending, Glenhawk offers quick and transparent bridging finance solutions.
- ABC Bridging Loans: ABC offers a straightforward approach to bridging finance, with a focus on quick approvals and flexible terms.
- BFS (Bridging Finance Solutions) Loans: BFS provides an array of bridging loans designed to suit various financial needs and scenarios.
- Affirmative Bridging Loans: Affirmative is known for its tailored solutions and quick decision-making, ideal for time-sensitive financial requirements.
- MS Lending Bridging Loans: MS Lending offers a range of options geared towards both individual and commercial short-term financing needs.
- Mercantile Trust Bridging Loans: Mercantile Trust provides bridging finance with a focus on reliability and customer service.
- Roma Bridging Loans: Roma offers a specialised service in property bridging, catering to both residential and commercial property markets.
- Somo Bridging Loans: Somo aims to simplify the bridging loan process through technology, offering an efficient and user-friendly experience.
- Catalyst Bridging Loans: Catalyst offers short-term finance solutions with a focus on adaptability and customer-centric approaches.
- Mint Bridging Loans: Mint provides a wide range of bridging options, designed to cater to diverse financing needs.
- Octane Bridging Loans: Known for its high-octane service, Octane offers rapid approvals and flexible terms.
- Ampla Finance Bridging Loans: Ampla Finance focuses on providing bridging loans with transparent terms and competitive rates.
Halifax Bridging Loan FAQs
What can a bridging loan be used for?
Bridging loans can be used for various purposes, such as purchasing a new property before selling an existing one, property development or renovation projects, auction purchases, or resolving temporary cash flow issues.
How long does a bridging loan usually last?
Bridging loans are short-term solutions, with typical loan terms ranging from a few weeks to 12-18 months. The duration depends on the individual lender and the borrower’s circumstances.