Bridging Finance Costs & Fees
Our legal costs for setting up and exiting the bridging loan are as follows:
For standard residential first charge loans of up to £500,000 to individuals, our solicitor current fees are £750 plus VAT and disbursements. We do not take solicitors fees upfront, they will require an undertaking from your solicitor before issuing standard enquires and security documentation.
There is usually a small fee payable to our solicitor on exiting the bridging finance loan to cover their costs in releasing the legal charge. Circa £250-£300.
Most loans will require a valuation report which BiG will instruct and the borrower will be liable to pay for. We will occasionally waive our requirement for a valuation report subject to our due diligence. Costs vary depending on the property and value but are typically between £250-£1,000.