Is it possible to get a bridging loan if you are self-employed?
With a growing proportion of the UK workforce self-employed, lenders must ensure that their need for flexible funding is met. If you need a short-term loan, a self-employed bridging loan can assist you bridge the financial gap. Bridging finance has less stringent lending standards than other types of funding. This means that being self-employed will not bar you from obtaining a bridging loan.
What can a self-employed bridging loan be used for?
A bridging loan is simple to set up and provides quick access to capital on a short-term basis. When you are self-employed, you can use this form of financing in a variety of ways, including:
- Covering your company's short-term cash flow issues
- Purchasing a home at auction while your self-employed mortgage application is being processed
- Completing a property acquisition as soon as possible so that you are not caught in a chain
- Purchasing inventory or equipment for your company
- Property renovation
- Purchasing a Commercial Property