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Bridging finance

November 18th, 2015.

What is bridging finance? It is temporary/short term finance required to ‘bridge’ a gap when a property has been purchased but is to settle prior to a sale of an existing property.
 
There are two forms of bridging finance. One is open and the other closed.
 
In a closed bridge a Bank will often entertain a bridging request, even if the debt cannot be serviced, providing there is a firm repayment source i.e. unconditional sale of a property. If buying but not sold try and get a long settlement on the purchase. Even in an auction situation you may be able to get a longer settlement if this is negotiated prior.
 
In an open bridge the Bank will likely want to test whether there is capacity to service. In this case it can be a bit harder to get across the line with a main Bank. Often we would pose one property as a rental and aim to prove servicing work that way.
 
If open bridging is not available through a ‘main’ bank then financing through a non-bank “asset based” lender is possible as long as sufficient equity levels are there (it pays to work off roughly a maximum of 70% LVR across the board to allow a bit of room in case some interest costs need to be included in the financing).
 
With how hot the Auckland market has been a key concern we have noticed when dealing with clients, is them not wanting to sell their current property until they have a new property locked down. If you or anyone else you know fits into this category feel free to give us a call and we can walk you through what options there are for you.

If you would like to discuss this further feel free to email me at bryan@krispedersen.co.nz and we can advise if there is a better set up for you.

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