how to apply for a short-term loan
mtf specialises in providing fast access to funds with the average bridging loan completed within 2 to 3 weeks of starting an application.
To get started, you can make an application online and provide a few simple details. We do not require you to fill in any long forms and we can give an offer in principle simply by exchanging details by email or phone.
Information you will need:
- Contact details
- Property address
- Loan amount required
- Your plans for the project
- Confirm whether it is a first or second legal charge
As a non-status bridging lender, we do not run any credit checks as part of our application or eligibility criteria. We will take a view on CCJs, defaults and arrears and we do not always require evidence of trading history, accounts or proof of income. Instead, we prefer to see the potential value of your property and what your plans are in order to make our lending decision.
The offer in principle
An offer in principle (OIP) lays out the basic terms of the short term loan, stating that we will agree to lend to you at a specific rate and for a specific duration provided that your information adds up i.e the property and the valuations are accurate.
We aim to send you the office in principle within two hours of hearing from you and the initial plans of your project. The OIP needs to be signed on each page in the bottom corner, and on the last page in the box provided and sent back by email, fax or post. As soon as we receive the signed OIP we will provide our bank details for payment of the valuation fee.
A property valuation typically used for a bridging loan starts at around £400. The pricing varies because the more expensive and typically larger properties require more work and investigating in order to carry out the valuation.
The valuation and how it works
As soon as we have received your payment for the valuation, we appoint an official RICS valuer to arrange a time to carry out the valuation of your chosen property. This is usually within the first 48 hours and to maintain a speedy process, our panel valuers are instructed to produce reports within around 72 hours.
If you have recently had your property or flat valued by an RICS valuer, this will need to be validated within the last 3 months. Every firm used needs to be accepted by mtf – so we will let you know if this is sufficient or another valuation is required.
The valuation or survey will consider several aspects of the property including the age, the area, its condition, size, fittings, positioning and potential for add-ons. In addition, the role of the surveyor is to highlight any potential issues which could delay or impede your plans for development such as planning permission or toxic materials. You can read our guide here on how a property valuation works.
Whilst the application is taking place, we will request your solicitor’s details so that we can send them our checklist of requirements. When the valuation report arrives, and the report is eligible to proceed, we will get in touch with your solicitor to issue the mortgage deed for signature.
You will need to meet with your solicitor in person to sign the mortgage deed and provide certified copies of your proof of ID (one piece of photographic and two pieces evidencing your address in the last 3 months e.g council tax bill, bank statement, utility bill).
Fund are released
Finally, as soon as our solicitors receive the requested documentation from your solicitors, we are ready to go, and funds are released to you. To make an enquiry, contact us today.