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Why iBrokr?
LEAN
iBrokr is focused on maximising customer value while minimising inefficiencies within the loan application process.
LOGICAL
Our journey paints a full picture of your application, allowing lenders to undergo holistic underwriting at speed and giving you more negotiating power.
LOW COST
We believe that borrowing should be affordable, and many brokers charge too high fees for inadequate services. With iBrokr you're charged ZERO BROKER FEE, leaving you with that extra bit of cash to fund your projects.
Our mission is to bring flexibility, convenience and speed to the bridging loan applications, whilst reducing the cost of borrowing. With No Broker Fees, and less time-wasting procedures, you can apply to the markets cheapest and best servicing lenders in one place.
What are Bridging Loans?
Bridging loans are short-term loans secured against property, designed to provide fast access to capital when timing is critical. They’re typically used to ‘bridge the gap’ between a current financial need and a future event, such as selling a property, refinancing onto a longer-term mortgage, or securing planning permission.
Purchasing
The most common use for bridging loans is providing speed and flexibility when purchasing a new property. Whether you’re buying a new home before your current one sells, securing an investment opportunity, or need to move quickly to avoid missing out, a bridging loan can provide short-term funding to complete the purchase.
Two common uses of a purchase bridges are; purchasing at auction, and borrowing high leverage against below market value properties.
Refurbishment
Bridging finance is often used by property developers and investors to fund refurbishment projects, whether for flipping properties or enhancing rental value. A bridging loan can cover the cost of renovations including anything from a small decoration project to when a property requires significant repairs or upgrades.
Development Exit
Bridging finance is commonly used as an exit strategy from development finance. Once a project reaches practical completion, developers are often under pressure from their existing lender to sell units and repay the facility within a set timeframe. A bridging loan can be used to refinance the development loan, often at a lower interest rate, providing breathing room to achieve better sale prices without rushing the sales process. In many cases, capital can also be released from each unit sale, giving developers the flexibility to reinvest or fund future projects.
Bridging Finance can also be used for a range of other uses such as for planning gain, title transfer, lease extension and equity release from existing projects.
What our Lenders can do
This £200,000 refurbishment loan helped purchase and refurbish this property in Faversham, Kent. A light refurbishment increased its value by £100,000.
The loan provided 70% LTV 𝗡𝗘𝗧 towards the purchase + 100% of refurbishment costs, at a rate of 𝟬.𝟴𝟮% 𝗽𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 (BBR linked).
All wrapped up in 16 days.
This client was looking to purchase a commercial office building which had full planning approved for the upper floor to be converted into three self-contained one-bedroom flats.
Their objective was to lease the ground floor for retail use, undertake the upper floor conversion, then refinance onto a long-term buy-to-let or commercial mortgage.
Our Lender provided a 12 month facility of £530,000 at a fixed monthly rate of 0.86% and were repaid through refinance.
This borrower was in the process of developing 9 new-build units in Norfolk. Most of the build was complete, but there were some minor internal works, landscaping and roadworks left to do.
The developer became under pressure from his development lender to repay and needed more time to finish, market and sell the units.
Our Lender refinanced the development lender (£3.8m) and provided an extra £200,000 in drawdowns to finish the development. At a rate of 0.73% per month (BBR linked).
An experienced landlord required funding to both expand an existing HMO and provide a deposit for their next buy-to-let acquisition.
One of our Lenders structured a £363,000 bridging loan over a 12-month term, at a fixed rate of 0.7%p.m. The facility covered extension works to the existing HMO and a cash reserve to be used as deposit on the client's next BTL purchase.
Once the refurbishment completed and the HMO was revalued as a 6-bed with improved rental income, the client refinanced onto a long-term buy-to-let mortgage.
This borrower required an equity release facility against a part built mews house in West London, with self-funded works in full swing.
The lenders funds were being used to support cashflow for other ongoing projects within a portfolio. Typically, lenders will require quantity surveyors to monitor the ongoing works but this lender was able to rely on the quality of the borrower.
They provided a day 1 advance of £1,105,000 against a £1,700,000 valuation, as well as keeping a further £246,250 in retention to support further works and cash flow constraints across the portfolio.
Practical completion has now been achieved, with a GDV figure of £2,500,000.
Two borrowers purchased a project for £180k, with the aim to refurbish four flats. Their first builder underperformed, leaving them feeling manipulated. They hired a new builder at an additional cost, completing the works for £50k.
Delays caused their refinance to start late, and they ran out of time with their existing lender. They needed a 70% LTV re-bridge within 7 days to avoid penalty fees, but their initial refinance with a high street bank fell through. This lender were able to quickly book the valuation and started the legal process immediately. They issued a gross loan of £126,365.54 (£119,000 net) to repay their existing lender.
The exit for the loan was a term refinance with a high street bank. This showcased the speed and efficiency of their re-bridge product.
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