Frequently Asked Questions

	What can I use my bridging loan for?
	How much can I borrow?
	Is there a charge for making an application?
	What costs are involved in the transaction?
	What type of security will you lend against?
	How long will it be before I recieve my funds?
	How can I contact you?
	Can I settle my bridging loan early?
	Can I make capital reductions?
	Who are Lerwick Commercial Mortgage Corporation Ltd?
	Is my application confidential?
	Can I convert my bridging loan into a longer term mortgage?
	Can I borrow more money in the future?
	Can I apply if I am self-employed and do not have a set of accounts?
	Can you help people with County Court Judgements (CCJs), arrears and/or adverse credit?
	Do I need a solicitor?
	Do you lend to Limited Companies?
	Can I use security which I do not own for my bridging loan?

What can I use my bridging loan for?

It can be used for any purpose

How much can I borrow?

At Lerwick Commercial Mortgage Corporation Ltd, we can finance from £25,500 - £5 million

Is there a charge for making an application?

What costs are involved in the transaction?

A completion / lending fee will be payable upon draw down of the funds and a valuation fee will be required. You will also be responsible for lending legal costs. Upon receipt of your enquiry form will will be able to confirm the amounts of all these fees before you commit yourself to the application process.

What type of security will you lend against?

We can arrange to lend on all types of residential, and commercial properties including land.

How long will it be before I receive my funds?

Lerwick Commercial Mortgage Corporation Ltd work within your timescale. We have completed bridging loans within as little as 24 hours.

How can I contact you?

By phone, fax, or email. View the 'Contact Us' page for more details.

Can I settle my bridging loan early?

You may pay off your bridging loan at any time, subject to 2 months early repayment charge.

Can I make capital reductions?

Yes, at any time. This will reduce the balance outstanding as well as your monthly repayments.

Who are Lerwick Commercial Mortgage Corporation Ltd?

Lerwick Commercial Mortgage Corporation Ltd are industry leaders and the principals have over 25 years experience. We aim to revolutionise the way that bridging loans are used and applied for by offering a sensible approach to lending with no unnecessary bureaucracy, red tape or fuss.

Is my application confidential?

Yes. We operate a strict privacy policy. We are governed by the Data Protection Act, and we are members of the National Association of Commercial Finance Brokers.

Can I convert my bridging loan into a longer term mortgage?

Whilst no guarantees can be given for any future event as long as your payment record was satisfactory, we would be able to consider such a request subject to application at that time and subject to you meeting the lenders criteria at that time.

Can I borrow more money in the future?

Yes, subject to valuation and payment history.

Can I apply if I am self-employed and do not have a set of accounts?

Yes.

Can you help people with County Court Judgements (CCJs), arrears and/or adverse credit?

Yes. At Lerwick Commercial Mortgage Corporation Ltd we look at your future not your past.

Do I need a solicitor?

You have the option to appoint your own solicitors. There will be separate lending legal costs which will be confirmed in your offer documents.

Do you lend to Limited Companies?

Yes.

Can I use security which I do not own for my bridging loan?

Yes. However, the property owner must be party to the bridging loan.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.