iLA | Bridging Facilities or Loan Agreements

Bridging Facilities or Loan Agreements

A bridging loan (or 'bridge loan') can be useful if you need to borrow money for a short period, typically over a 12 month period.

One of the benefits of a bridging loan is that the application process is usually very quick. You can apply and receive approval in days in comparison to the long application process associated with a mortgage.

iLA Network

Why do I need independent legal advice?

The third-party formality is required to protect you from entering into any form of loan agreement (bridging or otherwise) without knowing the potential risks involved (for example, the duration of the agreement, the repayment terms and the consequences if repayments are not maintained). iLA’s independent advisor will ensure that you are not being “induced” (persuaded or convinced) into the transaction and that you understand what it is you are agreeing to (your obligations and associated risks).

Common uses for a bridging loan are:

  • Purchasing a property before you have sold your existing one
  • Buying a property at auction
  • Paying for renovations
  • Buy land for development - to cover the costs between purchasing and building on the loan
  • Buying an uninhabitable property - to cover the costs until you get a mortgage (which may be once the works are complete).

Bridging loans are specialist which most generalist lawyers simply won’t be familiar with or understand to a level adequate enough to be able to properly advise you on the agreement and any adverse risks. The bank or specialist lender will want you to obtain ILA to ensure that you do understand what it is you are agreeing to and the associated risks, and so you cannot at a later date claim that you did not understand the bridging facility.

How can you help?

Our dedicated team is here to make sure that you do not experience any delays or inconvenience and, by using our decades of expertise helping clients with banking, finance and property matters, and deploying leading technology, we can deliver the ILA need in the most fast, efficient and cost effective way

  • Step 1 - BOOK YOUR ILA

    We offer a same day service, and our team of dedicated experts are available 7 days a week between 8am - 8pm.

    You can book your ILA online now, or request an immediate call back to arrange a convenient time for your ILA. You can also just call in to speak to one of our dedicated iLA team members.

    We will help guide you through the process and explain what documents we will need to provide your ILA.

  • Step 2 - ONLINE MEETING

    Once we have received the ILA documents and on-boarded you as a client (using leading technology to ensure the process is as quick as possible) we can usually provide you with your ILA (via an online meeting) within 2 hours. Or you can let us know a day and time that suits you best.

    We will provide you with the advice online, via our iLA personalised meeting room. You will just need a laptop, phone or tablet to join the meeting. From our years of experience, the meetings tend to last for no more than 30 minutes

  • Step 3 - SIGN AND RETURN THE DOCUMENTATION

    During our online meeting, you will sign the relevant documentation.

    We can guarantee that your ILA will be compliant and your documents are correctly witnessed, and we will also help you to return the documents to the correct party in the transaction. Our dedicated team is here to make sure that you do not experience any delays or inconvenience.

    Following our meeting, we will immediately contact the lender to advise that the ILA has been provided and so the whole process can be completed, from start to finish, in less than a day.