Secure funds for your project with a second charge bridging loan from Charterbank Capital.
Experience the convenience and accessibility to funds through our second charge bridging loan application procedure. With utmost adaptability tailored to suit borrowers’ unique needs, we provide swift 2nd charge financing options to individuals and companies. Loan facilities are secured behind an existing mortgage.
Immediate decisions • Funds in as little as 7 days • No monthly interest payments • No upfront fees • 0% exit fees
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What is a second charge bridging loan?
A second charge bridging loan is a type of short-term finance that allows borrowers to access funds while using their property as collateral, even if there is already an existing mortgage in place.
This type of loan facility It is called a “second charge” loan or facility because it ranks behind the primary mortgage in terms of repayment priority. This means that in the event of default, the primary mortgage lender will be paid back first from the sale proceeds of the property, and any remaining funds will go towards repaying the second charge bridging loan.
Get the capital you need
Even with a current mortgage
How can second charge bridging loans be used?
Second charge bridging loans from Charterbank can be used for a variety of business purposes, providing borrowers with flexibility and quick access to funds. Here are some of the most common uses of second charge bridging loans from our clients:
- Property renovations
- Raise additional capital towards purchasing a new property
- Buy-to-let investments and improvements
- Debt consolidation
- Business ventures
- Tax payments
- Improvements to property for EPC purposes
Is a first charge bridging loan for you?
Our non-status approach sets us apart from other lenders as we don’t assess your eligibility based on your credit score, income or outgoings. Instead, we offer second charge bridging loans utilising an asset-based, non-status decision making method. This enables individuals with less-than-perfect credit scores, or a history of bankruptcy, to access financing. When you apply for a first or second charge bridging loan with Charterbank Capital, we solely consider your present financial situation and the property you intend to use as collateral. Experience the advantage of securing the capital you require in as little as 7 days.
Second charge bridging loan FAQs
How is a second charge bridging loan different from a first charge bridging loan?
A second charge bridging loan ranks behind the primary mortgage in terms of repayment priority. If there is a default, the primary mortgage lender will be repaid first from the sale proceeds of the property, and any remaining funds will be used to repay the second charge bridging loan.
Who is eligible for a second charge bridging loan with Charterbank Capital?
Charterbank Capital offers second charge bridging loans to individuals who have equity in their property and require additional funds for business purposes, such as property renovations, debt consolidation, or purchasing a new property or land.
What factors are considered for loan approval?
While credit score is not a factor, Charterbank Capital evaluates your current financial circumstances and the value of the property being used as security.
How quickly can funds be obtained?
Charterbank Capital aims to provide rapid access to funds, and in many cases, you can receive the capital you need within 7 days of application approval (subject to existing lenders consent).
Are there restrictions on how the funds can be used?
Charterbank Capital does not impose restrictions on the use of funds, allowing borrowers to utilise the loan for any business purposes, such as property investments, debt consolidation, EPC enhancement or business ventures.
How does the repayment process work?
Repayment terms are agreed upon during the loan application process, considering factors such as the loan amount and the borrower’s financial capacity. Typically, the loan is repaid in full upon the sale or re-finance of the secured property or through alternative financing arrangements.
Can early repayment be made without penalties?
Charterbank Capital’s policies regarding early repayment may vary. Typically there is no early repayment penalty after an initial period of 90 days, however it is advisable to review the loan terms and discuss any potential penalties or charges associated with early repayment before finalising the loan agreement.
How can I apply for a second charge bridging loan with Charterbank Capital?
To apply for a second charge bridging loan with Charterbank Capital you can complete an application form online and provide the necessary documentation. A representative from Charterbank Capital will guide you through the process.