Bridging Finance London specialises in creating bespoke bridging loan solutions for Croydon and its surrounding areas of South London.
Our in-depth knowledge of the local property scene, from the historic Old Town to the contemporary developments near East Croydon station, enables us to offer tailored financial options that suit your specific requirements.
Bridging loans are short-term financing options designed to fill the gap between a property purchase and long-term funding arrangements. These adaptable loans serve various purposes, including property acquisitions, renovations, or preventing property chain collapses.
In Croydon’s fast-paced market, where opportunities arise swiftly, bridging loans deliver the speed and adaptability needed to secure deals.
We offer competitive loan-to-value (LTV) ratios, with options up to 80% LTV and, in certain situations, even up to 90%. This high LTV offering is particularly beneficial in Croydon’s diverse property market, where prices vary significantly between areas like the upscale Webb Estate, the well off areas of Shirley and Sanderstead and more affordable zones such as New Addington.
Croydon’s property landscape is distinctive, combining Victorian and Edwardian charm with modern developments. The ongoing regeneration initiatives, including the £1.4 billion Westfield development, make Croydon an attractive area for property investors and developers.
Expert finance advice
tailored to you
Quality service
Fast, friendly and professional service.
Lender Choice
Over 250 Banks, Hedge Funds, Family Offices & more.
Experience
Over 15 years of specialist finance broking.
Bespoke Lending
Finance tailored specifically to meet your needs.
Types of Bridging Loans Available in Croydon
1. Residential Bridging Loans: Perfect for homeowners looking to secure a new home quickly in Croydon’s competitive market.
2. Commercial Bridging Loans: Suited for businesses seeking opportunities in Croydon’s expanding commercial sectors, particularly around the Purley Way retail parks or the town centre’s office spaces.
3. Refurbishment Bridging Loans: Ideal for investors planning to renovate Croydon’s period properties, especially in conservation areas like the Webb Estate or the East India Estate in Addiscombe.
4. Auction Finance: Rapid funding solutions for those bidding on properties at auctions, a common method for acquiring properties in Croydon.
5. Development Exit Loans: Tailored for developers completing projects in Croydon’s numerous development hotspots, such as the Ruskin Square site near East Croydon station.
Croydon Property Market Overview
Croydon’s property market offers diverse opportunities for various investors and homebuyers. As of 2023, the average house price in Croydon stands at £409,180, representing a 2% increase over the past year.
With fast links to central London, Croydon remains popular with commuters.
The area is undergoing significant transformation, with the Croydon Vision 2020 plan aiming to establish Croydon as London’s third city. This includes:
– The development of new residential towers, office spaces, and retail areas, particularly around East Croydon station
– The ongoing transformation of the Whitgift Centre into a major Westfield shopping complex
– The completion of Lansdowne Road’s ISLAND development, adding luxury apartments to the skyline
– Ongoing work on Brick by Brick developments, providing new affordable homes across the borough
These developments create numerous opportunities for property investors and developers, many of whom use bridging finance to capitalise on these prospects quickly.
How Bridging Loans Work in Croydon
Securing a bridging loan in Croydon typically involves these steps:
1. Initial Enquiry: Contact Bridging Finance London to discuss your needs and the property you’re interested in.
2. Loan Assessment: We evaluate your application, considering factors such as the property’s value, your exit strategy, and the loan purpose.
3. Property Valuation: A surveyor conducts a valuation of the Croydon property.
4. Loan Offer: If approved, we present you with a loan offer outlining the terms, including interest rate and loan duration.
5. Funds Release: Once everything is in order, we release the funds, typically within 7-14 days from the initial enquiry.
Loan amounts in Croydon range from £100,000 to several million pounds, depending on the property value and the borrower’s circumstances. The loan term usually spans 1-24 months.
Benefits of Using Bridging Finance London
1. Local Expertise: Our team possesses comprehensive knowledge of Croydon’s property market, from the Victorian terraces of South Croydon to the modern apartments in East Croydon.
2. Rapid Processing: We understand Croydon’s fast-moving property market and can provide funding quickly, often within 7-14 days.
3. Adaptability: Our loans can be customised to suit various purposes, whether you’re refurbishing a property in the Old Town or developing a site near Croydon’s expanding commercial centre.
4. High LTV Options: With LTV ratios up to 80% and sometimes 90%, we help you maximise your investment potential in Croydon’s diverse property landscape.
5. Extensive Lender Network: As a broker with access to over 200 lenders, we find the most suitable and competitive bridging loan for your Croydon property project.
Case Study: Croydon Office-to-Residential Conversion
Client: A property developer aiming to convert a vacant office building near East Croydon station into residential apartments.
Challenge: The client needed quick funding to secure the property and begin renovations before their planning permission expired.
Solution: We arranged a £1.2 million bridging loan at 75% LTV within 10 days, allowing the client to purchase the property and start the conversion process promptly.
Outcome: The client successfully converted the office into 15 modern apartments, taking advantage of the high demand for residential property near Croydon’s transport links. The development was completed within 9 months, and the client exited the bridging loan by refinancing to commercial mortgage.
Need some help?
If you need a short-term bridging loan then a specialist broker is a good place to start. You will get expert help and advice along with a wide range of lenders to choose from.
To speak with a specialist broker, please call us on 020 3488 5706.
