The figures generated by this calculator should only be taken as an estimated, not an accurate quote.
The calculator is designed to provide you with a general guide to the rates, charges and costs you can expect when taking out a bridging loan through Dolphin Loans.
If you would like a tailored, accurate and more detailed quote, please feel free to give us a call at any time.
Bridging Loan Calculator
How to Use the Dolphin Loans Bridging Loan Calculator
- Start by entering:
Select either ‘Interest Roll Up’ or ‘Pay Monthly’. This is in regards to how you would like to repay the interest. ‘Roll up’ means the interest will be charged each month but added to the loan facility and you will pay it back at the end of the term when you repay the full loan amount. ‘Pay Monthly’ means the interest will be charged and paid each month.
Early Settlement. Select a month within the full loan term you have already selected to get a figure for an early settlement amount. This will give you a rough estimation of the amount repayable if you were to repay the loan earlier within the term.
Click ‘calculate’ and get your quote!
- The bridging loan amount required
- The maximum loan term you will need the money for (bearing in mind that bridging loans are usually for 18 months or less!)
- The number of properties you will be using as security for the loan
- The market value of the security property/properties and any remaining mortgage balances on them
Our Premier Bridging Loan Criteria
The figures generated by our bridging loan calculator are based off of our Premier plan. Most of the bridging loans that we are arrange are based off of this plan as it is the most popular.
General Loan Criteria
- Bridging loan amounts available from £50,000 to £10,000,000
- Possible loan terms from 1 month to 18 months
- A minimum loan term of 30 days.
- Be aged 21 or above
- Be a current resident in the UK
- Have at least an ‘average’ credit history (Although we do not require your credit score)
- Our loans are available to individual applicants, business partnerships and limited companies.
- We do not require a proof of income where you are on a roll-up interest plan, and your exit strategy is the sale of a property
- We can secure loans on; houses, flats/apartments, studios/maisonettes, bungalows and HMOs
- You can use more than one property as security
- The location of the property must be in England, Scotland or Wales
- We accept properties in very poor conditions (but new builds must be watertight – roof and windows)
Property Valuation Criteria
- A valuation of the security property will be required
- This can either be a full valuation or a desktop valuation
Bridging Loan Fees and Charges
The interest rate charged depends on the Loan to Value (LTV).
|Up to 50%
|50% to 65%
|65% to 70%
|70% to 75%
How Is The Interest Charged?
For the vast majority of the bridging facilities that we provide, the interest is rolled up. The following features apply:
- Interest is charged on a month-by-month basis on the loan balance.
- Monthly payments are not required on an interest roll-up plan. The interest will be added onto the outstanding loan balance each month. This will be payable at the same time as when you clear the loan.
- The outstanding loan balance will increase each month as the interest compounds.
- If you decide to clear the loan early (before the end date of the full term) there will be no early repayment charges or penalties.
Our minimum bridging loan term available is 30 days. This means that even if you repay the full loan amount within the first 30 days of the term, you will still be charged interest on a full 30 days. Once the initial 30 day period has ended, the interest is calculated daily. Then, you will only be charged interest up until the exact day you clear the full loan amount.
We may also refer to an arrangement fee as a ‘facility fee’.
Usually, lenders will charge an arrangement fee as a 2% rate based on the net loan amount (the amount before any interest or fees are added). Occasionally, they will calculate it on the gross loan amount.
However, we do have the ability to charge a reduced arrangement fee, depending on the loan amount.
|Up to £125,000
|£125,000 to £150,000
|£150,000 to £200,000
|£200,000 to £250,000
|£250,000 to £350,000
|£350,000 to £500,000
|£500,000 to £750,000
|£750,000 and above
Property Valuation Fees
A valuation will need to be performed on the security property/properties in the event that there isn’t already a suitable valuation in place.
The price will depend on the property value, the location and the type of valuation that is required. More often than not, a full valuation is required so our calculator is based off these estimated costs. The fee is payable directly to the property surveyor or the lender.
Where we can use a desktop valuation, we will. They are considerably cheaper and can be done in a shorter time scale.
The administration fee is payable to the lender and typically costs £295. This fee will only be charged once the loan as been drawn, not on application.
Legal fees are charged by the lender to cover the costs of their solicitor carrying out any of the legal processes required to set up your loan facility. These fees are approximate as it depends on the lender and your circumstances.
Money Transfer Fee
This can also be referred to as a telegraphic transfer fee.
This fee is charged for the electronic transfer of the funds from the lender to the solicitor, to then be transferred to you.
Charge Removal Fee
This is often referred to as a redemption fee.
This fee is charged by the lender when the loan is repaid in full. This is an additional legal cost to have the legal charge removed from the security property/properties.
Dolphin’s Other Favourite Bridging Plan
0.29% Per Month Plan
- Interest rates of just 0.29% per month with a 60% LTV or less.
- Loan terms extendable up to 24 months
- Standard arrangement fee of 2%
- ‘Roll-up’ or ‘Pay Monthly’ interest options available
- Available on loans of £1,000,00 and above
It is important to bear in mind that this is not a standard bridging facility. This plan will be a good option for you if it fits your circumstances and you fit the lending criteria. However, the underwriting is more stringent and it can take a while longer to arrange, so you need to ensure that you have the time available for this to happen.
We can offer unbeatable rates on bridging facilities over £2,000,000!
Feel free to contact us at any time for more information regarding the specialist lending facilities we can offer on loans between £2 million and £1 billion.